Markets

PPG Makes 'Last Invitation' to Dutch Rival Akzo

PPG Makes 'Last Invitation' to Dutch Rival Akzo”

Pittsburgh-based PPG increased its bid to €96.75 per Akzo Nobel share, including dividend, an increase of €6.75 per share and said it was prepared to commit to a "significant reverse break-up fee to demonstrate confidence that required antitrust approvals can be obtained".

McGarry critiqued plans Akzo announced last week to spin off its speciality chemicals business. Akzo has faced pressure to sell itself from a group of shareholders led by Paul Singer's Elliott Management.

PPG Increases Bid For Akzo Nobel, Commits to 'Significant' Break-Up Free

It also vowed to keep the headquarters for the marine and protective coatings business, and the decorative coatings and speciality materials arm, in the United Kingdom and the Netherlands respectively.

"We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel's stakeholders", said PPG chairman and chief executive officer Michael McGarry in a letter submitted to AkzoNobel officials.

Ontario police arrest 100 men in child prostitution case
Human trafficking investigators launched Project Raphael in 2014, which Truong said was a three-pronged approach to combating the issue in the region.

Akzo has said it will "carefully review and consider" the third proposal.

Akzo Nobel, which bought ICI in 2008, employs 3,500 staff while PPG has 10 manufacturing and RD sites.

Man arrested for fake hijack threat to make girlfriend cancel trip
The Mumbai police on Saturday night received an e-mail, sent by Krishna impersonating as a Hyderabad-based woman. After examining CCTV footage, investigators were able to identify Krishna as the person behind the bogus tip.

PPG said the spinoff plan "clearly fails to meet the additional growth opportunities that will be available to all employees of the much larger combined company". Akzo alerted Dutch regulatory authorities about possible collusion between the two companies.

The paint maker rejected the request for the EGM earlier this month in a bullish response that saw it accuse Elliott Advisors of sharing "price sensitive information".

United CEO won't add chairman title in 2018 as was planned
Senate Commerce Committee to answer detailed questions about the incident on United Flight 3411, which 69-year-old Dr. The incident was a public-relations nightmare for United and drew worldwide calls for a boycott of the airline.

In an interview just after again raising the USA company's offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday's shareholders' meeting.



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