Akzo Nobel Rejects PPG’s Acquisition Proposal; Potential Synergies Somewhat Offset by Antitrust Risk
News sources reported on March 8 that U.S.-based coatings company PPG was exploring the acquisition of its European competitor Akzo Nobel. On the morning of March 9, Akzo Nobel confirmed that it had received an unsolicited, nonbinding, and conditional proposal from PPG. The offer proposed EUR 54 in cash and 0.3 PPG shares per Akzo Nobel share for a total value of EUR 83 per share, as of Feb. 28. This represents a 30% premium to the EUR 63.61 Akzo share price on that date. With Akzo shares curren...PPG Industries manufactures and distributes a range of paints, coatings and specialty materials. The company's business is comprised of two reportable business segments: Performance Coatings, which primarily supplies a variety of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals, as well as transparencies and transparent armor; and Industrial Coatings, which primarily supplies a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, precipitated silicas and other specialty materials.
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