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

March 9, 2017 By Toby Sterling AMSTERDAM (Reuters) – Dutch paints and coatings maker Akzo Nobel NV rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG Industries Inc 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 a concern. Akzo Chief Executive Ton Buechner said the maker of Dulux paint was best placed to create value itself and…

Read More