Hints and tips:
...Michael McGarry, chief executive of Pittsburgh-based PPG, said costs had jumped 25 per cent annually — “three times higher than any previous coatings raw material inflation peak in recent history”....
...Michael McGarry, chief executive of Pittsburgh-based PPG, is embarking on an alternative strategy, citing its recent purchase of German industrial coatings group Wörwag....
...The investment fund owns 2.9 per cent of PPG....
...The Netherlands-based group, which owns the Dulux brand, found itself at the centre of a transatlantic corporate tussle following an unwanted approach from US rival PPG Industries....
...The PPG offer comprised €61.50 in cash per share, with the remainder in PPG shares, valuing Akzo’s equity at €24.6bn at the time it was made....
...CEO are making a PE bet (WSJ) SSE-Npower deal garners final approval from UK competition watchdog (FT) US to expand scrutiny of foreign investments (FT) Peltz’s Trian discloses stake in paint maker PPG...
...Its chief executive and chief financial officer departed shortly after fending off PPG. Shares in Akzo were up 0.7 per cent to €78.04 on Monday....
...Their talks came just months after Akzo fended off an unwanted €27bn takeover approach from PPG Industries, a larger US competitor....
...Inevitably, the transaction is being viewed by some as a protective coating to ward off US rival PPG Industries....
...The decision marks the second setback in as many days for PPG in its pursuit of Akzo Nobel....
...Akzo’s flirtation with Axalta was seen by some partly as a way to deter PPG, which under Dutch takeover rules can table another bid in December when a six-month “cooling-off” period expires....
...extraordinary meeting to consider a range of measures aimed at improving shareholder relations, announced in response to criticism of the board’s decision to rebuff the approach of paints and coatings rival PPG...
...Akzo had come under pressure to sell the business after fighting off a €27bn hostile takeover bid from US rival PPG Industries last year....
...US group PPG Industries has walked away from a prospective €26.9bn takeover of paint and coatings rival Akzo Nobel....
...Following no feedback since PPG provided its revised proposal April 24, PPG made yet another attempt to discuss the proposal on May 4, which Akzo responded to on May 5 at 15.30 CET, stipulating to meet PPG...
...Akzo Nobel, the Dutch paints and coatings group, has confirmed it has rejected a €26.9bn offer from US rival PPG Industries and will instead focus on its own strategy to accelerate growth and create value...
...The PPG offer comprised €61.50 in cash per share, with the remainder in PPG shares....
...On Thursday, PPG Industries abandoned its €27bn pursuit of paint rival, Akzo Nobel....
...But behind the scenes PPG was on a charm offensive....
...The detente comes after the hedge fund applied to Dutch courts for a special shareholder meeting to remove chairman Antony Burgmans after he was seen as an obstacle to a takeover deal by rival PPG Industries...
...Akzo on Monday rejected a third bid from US rival PPG. A section of its shareholders are similarly cross. PPG may come back with a fourth offer. But it is unlikely that it will go hostile....
...However, PPG has sought an extension of the deadline to June 14 at the earliest....
...To learn more about PPG’s defeat, read this FT analysis and this note from our friends on Lex....
...This has set up the possibility of a hostile takeover bid by PPG, in what has become a bitter transatlantic tussle over one of Europe’s oldest industrial concerns....
...His departure could yet make a deal with suitor PPG more likely. Overall, Mr Büchner did a creditable job at Akzo....
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