US paints and coatings concern PPG Industries has ‘lost interest’ in acquiring its Dutch peer AkzoNobel, the Financieele Dagblad reported on Friday.
The paper quotes PPG chairman Michael McGarry as saying Akzo was a chapter out of the Pittsburgh-based company’s past.
McGarry revealed PPG’s intentions during a conference call with journalists and analysts, US press agency Bloomberg said. The PPG chief added that since it dropped out of active bidding for the Dutch concern on 1 June, two key members of Akzo’s management team have resigned for health reasons and it has issued two profit warnings.
AkzoNobel rejected three shares and cash offers made by the Pittsburgh-based group between March and late May. The last bid was for the equivalent of €26.9bn.
McGarry said PPG was in close contact with other European coatings companies which are still family-owned.
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