PPG industries’ Michael McGarry warned on Monday that the next bid his company makes for Amsterdam-based paints and coatings rival AkzoNobel will indeed be hostile.

In an interview just after again raising the US company’s offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday’s shareholders’ meeting.

The PPG chairman said shareholders will certainly want to know why AkzoNobel executives have refused to meet with PPG ever since the US company launched its first bid for the company in early March.

AkzoNobel has twice rejected PGG’s advances and last week announced that it would hive off its special chemicals unit and use the proceeds from the sale to boost its dividend.

The besieged Amsterdam paint and coatings group said the sale of the chemicals unit or an IPO will take place within 12 months and that project teams are already in place.

In a reaction to the renewed offer on Monday, AkzoNobel said that it ‘will carefully review and consider’ the ‘unsolicited’ proposal.