PPG Attempts to Combine with AkzoNobel

Glass Magazine
May 15, 2017
COMMERCIAL, RETAIL, FABRICATION

In early March 2017, PPG issued a formal proposal to AkzoNobel to form a combined company. Following multiple revised proposals and statements between the two companies, AkzoNobel remains uninterested in combining, issuing its own standalone plan. 

After AkzoNobel denied its latest April 24, PPG issued a May 10 statement to AkzoNobel retaining that "a combination of the two companies is in the best interests of all stakeholders, including employees."

“We put forward an enhanced, detailed and thorough proposal to AkzoNobel on April 24 that provides a significant share-price premium and offers numerous detailed commitments in the best interests of all stakeholders,” said Michael McGarry, PPG chairman and CEO in the May 10 statement. “The remaining questions raised by AkzoNobel are common negotiation points and can be quickly and reasonably resolved through an open, substantive two-way dialogue in which both parties are motivated and engaged."

The statement concluded that PPG remains willing to meet with AkzoNobel to engage in meaningful discussions, but without productive engagement, PPG will assess and decide whether or not to pursue an offer for AkzoNobel.

To view the previous announcements related to PPG’s proposal to combine with AkzoNobel, click here.

Read the full PPG statement here