U.S. takeovers in Europe are heading for record levels this year, despite Azko Nobel, the Dutch paints and coatings maker behind Dulux, rejected a €21bn (£18bn) from rival PPG Industries. The bid is 29 percent above Akzo's closing level Wednesday. The specialty chemicals business had sales of 4.8 billion euros past year, accounting for 34 percent of revenue.
With a total market value of $0, PPG Industries has price-earnings ratio of 31.38 with a one year low of $89.64 and a one year high of $117.00.
With national elections in the Netherlands next week, the offer adds to concern among Dutch politicians that the nation's companies are vulnerable to hostile takeovers.
Amid volatile financial markets and the presidential election, various investment brokerages have made amendments to their price targets and ratings on shares of PPG Industries, Inc. Now the US company is returning with an offer for the rest.
The business will likely attract large private equity firms, such as Carlyle Group LP and CVC Capital Partners, as well as other companies in the industry, including Evonik Industries AG and BASF SE, the people said, asking not to be identified as the deliberations are private.
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Akzo said both the management and supervisory boards, along with financial and legal advisers, reviewed the offer before coming to the conclusion that it fell short. Profit margins are at 5.90% while the operating margin stands at 5.70%.
PPG Industries, Inc. (NYSE:PPG)'s performance this year to date is 13.18%. "The proposal is not in the interest of AkzoNobel's stakeholders, including its shareholders, customers and employees, and we have unanimously rejected it".
Akzo said it didn't initiate, nor encourage, or entertain any conversations with PPG.
Akzo said it would consider various alternative ownership structures for the specialty-chemicals business, including a new independent listed entity.