Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Unlike its previous two offers, though, PPG says this time it is prepared to give AkzoNobel a "significant" but as yet undisclosed fee should the two companies agree to terms but competition authorities prohibit the deal.

Akzo confirmed it had received a "third unsolicited proposal" from PPG but was non-committal in its response.

This latest bid follows AkzoNobel's launch of a new strategy April 19 which was aimed at reassuring company shareholders about its future profitability and growth, in which AkzoNobel's Specialty Chemicals unit will be separated into a new business unit and divested within 12 months.

He said: "PPG are taking advantage of a strong dollar, high share price, and low borrowing costs to mount a somewhat opportunist bid".

Akzo has said that it is studying PPG's latest proposal, which values the company at around 26.9 billion euros ($28.8 billion).

Columbia Threadneedle Investments, a top-20 investor in Akzo with a 0.77 percent stake, said in a statement Akzo's boards had "no room for excuses now and must enter into proper discussions with PPG".

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PPG increased its cash-and-share bid to acquire Akzo Nobel to EUR96.75 (about $105.05) a share from EUR88.72.

PPG's revised proposal represents an increase of 6.75 euros, or 8%, over our prior proposal on March 22 and 13.75 euros, or 17%, over original proposal on March 2.

"Boards have very different interests to shareholders", he added.

The move comes one day before Akzo, which has declined two previous overtures from PPG, is due to face a group of unhappy shareholders at its annual meeting.

Both moves, if completed, would make Akzo a less attractive target for PPG, although the US company has said the primary reason for the takeover would be synergies of $750 million between the companies' paints and coatings businesses.

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