Abstract
AkzoNobel has rejected an unsolicited takeover offer from PPG Industries and says it will instead embark on a program to separate its specialty chemical business from its main business in paints and coatings. PPG privately proposed on March 2 to acquire AkzoNobel in a deal that would value the Dutch company at about $22 billion. AkzoNobel says it rejected the proposal as not in the interests of its stakeholders. PPG says it will consider its path forward. AkzoNobel’s stock rose more than 15% after the disclosures, indicating that investors are betting PPG will come back with a higher offer. PPG and AkzoNobel each have annual sales of roughly $15 billion. And the two companies have done business before. In 2013, PPG acquired AkzoNobel’s North American decorative coatings business for about $1 billion. Both companies are largely paint makers that also operate chemical businesses. Both have pared back their chemical operations—PPG
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