PPG Confirms Proposal for AkzoNobel
PPG says they made an "attractive and comprehensive proposal" to buy AkzoNobel N.V., which they rejected.
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Photo courtesy of PPG
PPG says in a statement that it made an "attractive and comprehensive proposal" to buy AkzoNobel N.V., saying they invited the company to enter into negotiations on a potential sale which AkzoNobel rejected.
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The statement says PPG "continues to believe there is a strong strategic rationale for the proposed transaction between PPG and AkzoNobel and will carefully evaluate and consider its position and path forward related to its proposal."
"PPG has long admired AkzoNobel’s businesses, global presence, culture and principles as well as its advances in innovative product development and sustainable business practices," Michael McGarry, chairman and CEO of PPG, said in the statement. "We believe a combination of our two companies is a very compelling strategic opportunity."
The company says that, strategically, the "combination of PPG and AkzoNobel would deliver an enhanced global player in paints, coatings and specialty materials, combining complementary products, technologies and geographies, and would create a stronger competitor in a highly competitive global marketplace, offering a broader line of products and technologies cost-effectively to a more diverse customer base."
The statement said that "PPG envisions that the heritage of AkzoNobel’s culture and best practices will be reflected in the composition of the combined company, and in the locations where it would operate. The combination would continue the legacies of both companies, including the use of flagship brands and technologies, investment in research, development and innovation, and the companies’ longstanding commitment to being good employers and corporate citizens that operate in a sustainable and socially responsible manner."
PPG said in its statement that it will continue pursuing AkzoNobel, saying that "in conjunction with its financial and legal advisors, has devoted significant time and resources to analyzing a potential combination of PPG and AkzoNobel and is confident in its ability to execute and complete the proposed transaction and to obtain all necessary regulatory approvals."
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