AkzoNobel rejects PPG’s second bid

AkzoNobel has rejected a second takeover bid from PPG Industries, this time for $26.3 billion. PPG made its initial offer of about $22 billion on March 2. The two paint companies appear to be some distance from agreeing to a deal. PPG says the Dutch firm refused to meet and rejected the revised offer one day after it was made. AkzoNobel says the new proposal doesn’t reflect the firm’s plan to spin off its chemicals business and will lead to significant job cuts. Four Dutch provinces have released a statement suggesting the takeover could result in the loss of 5,000 jobs in the Netherlands.