AkzoNobel says it is taking the necessary time to study the latest takeover bid by its US-based paints and coatings rival PPG Industries, after questions were raised at Tuesday’s AGM.

During the meeting, supervisory board chairman Antony Burgmans was not unseated as PPG had demanded. He went on to say that the board will take time to study PPG’s latest offer which values the Amsterdam-based company at €26.9bn.

Meanwhile AkzoNobel has revealed its own long-term strategy to split off its chemicals arm and which it deems superior to PPG’s plans for it.

Executive board chairman Ton Büchner told the gathering that Akzo’s own strategy is the ‘next logical step’ in the company’s ambitions. He noted AkzoNobel has lots of potential and this was greeted by light applause.

PPG Industries warned its offer on Monday would be its last non-hostile bid. PPG Industries must now make a firm offer for the company before 1 June or be forced out of any bidding race for the company.