PPG withdraws proposal in combining with AkzoNobel

PPG withdraws proposal in combining with AkzoNobel

6:32 AM, 2nd June 2017
Michael McGarry, CEO of PPG Industries.
Michael McGarry, CEO of PPG Industries. (File photo)

PITTSBURGH, US: PPG Industries Inc said that it has withdrawn its proposal to combine with AkzoNobel NV and will not pursue a public offer for all the issued and outstanding shares of AkzoNobel.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.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Chemical leak at Jefferson county poultry plant leaves three hospitalized

JEFFERSON COUNTY: A chemical leak at a Jefferson County poultry plant sent three people to the hospital Wednesday. The three Coastal Processing worke ...

Read more
AkzoNobel opens new performance coatings facility in Thailand

AMSTERDAM, NETHERLANDS: AkzoNobel NV has opened a new performance coatings production facility in Chonburi, Thailand. With an investment of &euro ...

Read more
Covestro achieves major breakthrough in biobased aniline

LEVERKUSEN, GERMANY: Covestro AG collaborating with partners has achieved a research breakthrough for the use of plant-based raw materials in plastics ...

Read more
PPG issues statement regarding Amsterdam Enterprise Chamber decision

PITTSBURGH, US: PPG Industries Inc has issued the following statement in response to the decision by the Amsterdam Enterprise Chamber: The matter bef ...

Read more
AkzoNobel confirmed as exclusive coatings provider of Volvo Ocean Race

AMSTERDAM, NETHERLANDS: AkzoNobel NV has been confirmed as the official Boatyard supplier for the 2017-18 Volvo Ocean Race. All the boats competing in ...

Read more
BASF’s second trend book presents innovative plastic solutions

LUDWIGSHAFEN, GERMANY: BASF SE has launched “'Material Selection 17/18”, the second material trend book that provides a global outlook on ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X