AkzoNobel rejects third takeover bid from PPG

The Hague, Netherlands • Dutch industrial paints and chemicals company AkzoNobel on Monday rejected a third unsolicited takeover bid from American rival PPG Industries, worth $28.8 billion, saying it was not in the interests of shareholders. “The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding,” AkzoNobel CEO Ton Buchner said in a statement. AkzoNobel said that its...

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