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PITTSBURGH, US: PPG Industries Inc said that it has withdrawn its proposal to combine with AkzoNobel NV and will not pursue a public offer for all the issued and outstanding shares of AkzoNobel.
PPG made the final decision after careful consideration, including the stakeholder interests of both companies.
“We were hopeful throughout this process that AkzoNobel’s boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future. We strongly believe a combined company would create more opportunities and provide more benefits for our collective customers, employees, shareholders and society in general,” said Michael McGarry, CEO and chairman, PPG.
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