PPG retreats from AkzoNobel buyout attempt

REUTERS  Robin van Lonkhuijsen  United

PPG said those talks lasted less than 90 minutes.

Earlier on Thursday PPG announced the decision to withdraw its proposal to take over its Dutch rival and will not pursue another public offer for all the issued and outstanding shares of AkzoNobel.

AkzoNobel has made clear that it does not want to be a part of that consolidation, even with some shareholders pressuring company leaders to negotiate. PPG also offered as much as 50 million euros towards retaining top management.

Akzo Nobel has held firm to its alternative plan to break into two companies focused on chemicals and coatings.

Spinning-off the chemicals division, will "lead to a step change in growth and long-term value creation for our shareholders and all other stakeholders", Buchner added in his statement today.

More news: Miami left out of baseball tourney, ending NCAA's longest streak
More news: Manchester attack probe: 16 people in detention
More news: Monday's Stanley Cup Playoffs Betting Preview and Odds: Ducks at Predators

PPG's decision marks a second significant win for Akzo this week after a Dutch court on Monday rejected an attempt by United States activist investor Elliott to oust chairman Anthony Burgmans. PPG had considered taking its offer hostile. The Amsterdam-based company reiterated its support for the chairman, saying Burgmans had played a crucial role in evaluating and rebuffing the latest bid.

Under Dutch takeover rules, PPG will not be allowed to make a new approach for at least six months.

The US company failed this week win an extension of that deadline. The U.S. company made first bids of 20.9 billion euros (23.47 billion U.S. dollars) and 22.4 billion euros in March this year, followed by a third and last bid of 26.9 billion euros (29.4 billion U.S dollars) in late April.

Akzo shares were trading 1.7 percent lower at 73.20 euros by 0955 GMT (5:55 a.m. ET).

Related News:

  • Pope pays tribute to 'martyrs' killed in Egypt attack

    Pope pays tribute to 'martyrs' killed in Egypt attack

    In response, Egyptian President el-Sisi ordered air strikes against terrorist bases in eastern Libya that were linked to Al Qaeda. Egyptian military footage of pilots being briefed and war planes taking off was shown on state television.

    Five things to watch out for at the French Open on Sunday

    The tournament has a wide-open feel with American Serena Williams sitting out the rest of the season due to her pregnancy. Kvitova, seeded 15 for the clay-court major in Paris , said a positive mindset enabled her to resume her career.

    Sean Spicer misses out on meeting with the Pope

    In addition to the medallion, the pope also gave President Trump a personally signed copy of his message for World Peace Day 2017. Asked about Spicer not being included in the group that met the Pope, a source close to the White House said: "Wow".
  • Emily Ratajkowski parties with Bella Hadid in Cannes

    However, actor Smith - who was making his debut as a jury member - shared his enthusiasm and support or streaming giant Netflix. Day 2 at the prestigious Cannes Film Festival saw some more film screenings and many more attractive outfits on the red carpet.

    Foreign fighters among militants in Philippines

    In another area of the city, soldiers who were also on clearing operations were able to rescue 16 civilians upon reaching Brgy Kilala, Marawi City.
    All Access Will Be Closed Monday For Memorial Day

    All Access Will Be Closed Monday For Memorial Day

    By the end of the 19th century, Memorial Day ceremonies were being held on 30 May throughout the nation. Service members from all over the Military District of Washington gather at Arlington National Cemetery.
  • Details emerge about Woods' arrest

    Details emerge about Woods' arrest

    Woods is a 14-time Major victor but has struggled with his health in recent years, including multiple back surgeries. Police also released photos of his vehicle that showed both tires flat and minor damage around the bumpers.
    Trump says comic should be ashamed for severed head video

    Trump says comic should be ashamed for severed head video

    In her apology video, Griffin begs her fans for forgiveness and says she has asked the photographer to remove the images. Griffin apologized on Instagram on Tuesday for the photo that some say encouraged violence against the President.
    Mumbai Indians clinch thrilling IPL final against Supergiant

    Mumbai Indians clinch thrilling IPL final against Supergiant

    That's what these three fast bowlers (Malinga, Bumrah and Mitchell Johnson ) did, particularly at the death overs. Krunal Pandya proved to be the saviour for the Mumbai team, hitting a valiant 47off 38 balls.
  • UK Labour chief challenges May to debate as race tightens

    The same story features on the front of the Sun, saying that she will deliver what Leavers voted for. Ms Wood opened the debate with an attack on the Prime Minister for refusing to take part.
    Passengers foiled bid to 'hijack' MAS flight

    Passengers foiled bid to 'hijack' MAS flight

    Passengers were screened upon disembarkation and put up at hotels, and will be offered seats on alternative flights. A picture tweeted by one of the passengers appears to show the man face-down on the floor after being handcuffed.
    A Lorde fan has had a better day at work than you

    A Lorde fan has had a better day at work than you

    But *then* she shared a screenshot of a private conversation they had via Twitter after Lorde slid into her DMs. She is set to drop a new single on the same day ahead of the release of her new album Melodrama on June 16.


Most liked

Comey OK'd to testify; House committee issues subpoenas
The president blasted the probes online as a 'witch hunt, ' in just his latest attack on the investigations. The staffer said the Democrats were informed that the unmasking subpoenas were being issued.

World leaders reaffirm commitment to fighting climate change
British Foreign Secretary Boris Johnson said Britain would continue to press Washington to reduce risky emissions even if Mr Trump pulls out.

US mulls return of Russian diplomatic compounds
This would be the first attempt by Trump to roll back sanctions on Russian Federation imposed by the Obama administration. Hammond, an adviser to Tiller, told the Post that "the USA and Russian Federation have reached no agreements".

Trump lashes out at leaks, considers staff upheaval
Kushner is under scrutiny - not necessarily the subject of any investigation or suspected of any wrongdoing - in the FBI's probe. Reports in the US say investigators believe he has relevant information, but is not necessarily suspected of a crime.

Investigators examine Kushner's meeting with Russian banker
Kushner, Trump added , is "respected by virtually everyone" and "is a very good person". Mr Dubke's last day has not yet been determined.

Poll shows more Americans are beginning to support impeaching Trump
Support for impeaching President Donald Trump is inching up, according to a new Morning Consult/POLITICO survey . Another possible legal issue facing Trump was his May 9 firing of FBI Director James Comey .

Republican Greg Gianforte, accused of 'body-slamming' reporter, wins special election
The ordeal seemed to have little effect on election night in Montana, as Gianforte gained a significant early lead over Quist. Three Montana news publications withdrew their endorsements, and even House Speaker Paul Ryan condemned Gianforte's actions.

Predators left surprised, determined by Johansen's injury
Rickard Rakell missed Saturday's game with a lower-body injury, and forward Patrick Eaves has missed nine with his injury. The Predators are now one win away from reaching the Stanley Cup Final for the first time in franchise history.

Trump's speech to Israeli parliament scrapped amid concerns
He also called on the Israelis and Palestinians to make compromises for peace - but gave no specific details on what he meant. Netanyahu effusively praised Trump before his museum address and sprang to his feet to lead applause for him several times.

IAS officer found dead in swimming pool in Delhi
However, when the attempts to save him failed, he was rushed to the Fortis Hospital where he was declared brought dead. Before clearing IAS examination, Dahiya was serving as the Deputy Superintendent of Police in Himachal Pradesh.

Trump eyes White House overhaul, outside lawyers and PR team
It is journalistic protocol to restrict the identification of sources when requested, and where necessary. McMaster have both discussed that "in general terms, back channels are an appropriate part of diplomacy".

Celtic leave it late as Rogic's dramatic strike clinches treble
Some of our football was a bit nervous but at half-time we told the players to stay calm. "To go unbeaten domestically, to get the treble, is just unbelievable ".

Vettel wins Monaco GP ahead of Ferrari teammate Raikkonen
"Two very different qualifying results today for Lewis and Valtteri", conceded Mercedes team boss Toto Wolff. However, Vettel managed to pass Raikkonen during the pitstop phase snatching the win at the Monaco GP.

Further disruption for flights at Heathrow
In Singapore, one BA flight to London was affected and delayed for more than six hours, the airline said yesterday. The airline said its terminals at Heathrow and Gatwick became "extremely congested" due to the computer problems.

The G7 summit ends without USA commitment on Paris agreement
The U.S. had crippled the 1997 Kyoto Protocol, the predecessor to the Paris Agreement, when it refused to ratify it. On climate, Trump has long railed against what he says are the economic dangers of the global climate agreement.