PPF Industries has confirmed it will press on with its bid for Dutch rival AkzoNobel, the US paints and coatings group said in a statement on Wednesday.
PPG had until Thursday to confirm the move to Dutch bourse watchdog AFM or totally drop the plan for six months. PPG chairman Michael McGarry said he expects to present a concept of the bid to Dutch bourse watchdog AFM before 1 June.
‘PPG continues to believe that a combination of the two companies has a strong strategic rationale and presents a highly compelling and unique opportunity for both AkzoNobel and PPG and their respective stakeholders,’ PPG said.
McGarry said PPG would respect AkzoNobel’s position with regard to R&D, the Dutch company’s employees and its social plans.
In March AkzoNobel has rejected out of hand the expected second sweetened takeover bid by its US rival.
PPG had offered €88.72 per share which equates to €22.4bn, €1.5bn more than its first bid for AkzoNobel on 2 March. AkzoNobel again termed PPG’s offer ‘too low and too risky’ and said it substantially undervalues the company.
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