Akzo Nobel rejects $22 billion PPG bid, looks to spin off chemicals

Reuters ------ Dutch paints and coatings maker Akzo Nobel NV (AKZO.AS) rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG Industries Inc (PPG.N) on Thursday, saying instead it wanted to "unlock value" by spinning off its chemicals business. PPG's unsolicited offer comes just days before an election where the vulnerability of the biggest Dutch companies to foreign takeover has been an issue. Underlining such concerns, the country's Economic Affairs Minister Henk Kamp said the proposed deal was "not in the interest of the Netherlands."Akzo Chief Executive Ton Buechner said the maker of Dulux paint was best placed to create value itself and was looking at floating or selling its specialty chemicals arm, which accounts for roughly a third of sales and earnings, with a 2016 operating profit of 629 million euros on sales of 4.8 billion euros. To learn more click on the picture below to read the article.