US-based PPG is preparing a second bid for AkzoNobel despite having had its first offer for the Amsterdam paint, coating and chemicals company firmly rejected on Thursday an informed source has told the Financieele Dagblad.

PPG, known in the Netherlands for its Histor en Rambo paint brands, said in a statement on Thursday that it ‘continues to believe there is a strong strategic rationale for a merger between the two companies.’ AkzoNobel and PPG are in the top 10 in the global paint and coatings industry.

‘This means PPG is not walking away,’ the source said. As a notorious buyer of companies – more than 65 acquisitions since 2001 – PPG has experience with such reactions.

‘Often they first refuse. A takeover is favourable for the shareholder, but also for other stakeholders,’ the source said.

PPG bid €20.9bn for AkzoNobel, two-thirds in cash and one-third in PPG shares. AkzoNobel now plans to speed up the divestment of its specialty chemicals division, which is valued at €4.8bn.