AkzoNobel rejects €12.5 billion takeover, restates merger plan
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleDutch paint and coatings company AkzoNobel has rejected a €12.5 billion cash takeover bid by Nippon Paint and Sherwin-Williams, preferring instead to continue with its plans to merge with coating maker Axalta.
The company said last November it was to merge with its smaller US competitor, remaining a Dutch public company with dual headquarters in Amsterdam and Philadelphia. The combined business also plans to move its stock market listing to the United States.
News that the takeover attempt failed boosted AkzoNobel shares some 20% on Wednesday afternoon although it fell back slightly in early trading on Thursday.
According to a company statement, AkzoNobel considered the offer too low and that it “did not qualify as a superior proposal”. Nor were “the interests of AkzoNobel stakeholders adequately safeguarded”.
Nippon Paint and Sherwin-Williams had planned to divide up AkzoNobel between them.
Nippon Paint had also tried to take over AkzoNobel in 2017.
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