ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
PPG Industries has withdrawn its $28.8 billion bid to purchase Dutch paint rival AkzoNobel. The bid represented a premium of 50% over AkzoNobel’s stock price in March, before the overture was announced. Many AkzoNobel shareholders, including activist investor Elliott Advisors, wanted AkzoNobel to negotiate, but the company refused. It instead rolled out a plan to spin off its chemicals business within the next year. Last week, PPG’s campaign suffered two fatal setbacks. The Dutch financial market authority wouldn’t extend PPG’s deadline to make a tender offer for AkzoNobel past June 1. Separately, a Dutch appeals court ruled against Elliott in its bid to unseat AkzoNobel chairperson Antony Burgmans. Elliott wanted the court to let shareholders vote on whether to remove Burgmans after AkzoNobel’s board refused to allow the vote.
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on X