Third Time Not A Charm; Akzo Rebuffs PPG Again
On May 8, Akzo formally confirmed its rejection of PPG’s third offer to acquire the company. We are maintaining our EUR 64 stand-alone fair value estimate for Akzo Nobel shares, along with our no-moat rating. Contrary to the first two proposals, which were rejected almost instantaneously, Akzo spent two weeks considering the offer, including meeting with PPG CEO Michael McGarry. However, it doesn’t appear that any meaningful negotiations occurred between company representatives.Akzo asserts tha...
Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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