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.

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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).

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