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Dulux paint maker turns down second takeover bid Dulux paint maker rejects second takeover offer
(about 1 hour later)
The Dutch maker of Dulux paint has rejected a second takeover offer from a US rival.The Dutch maker of Dulux paint has rejected a second takeover offer from a US rival.
Paints and coatings maker AkzoNobel turned down PPG Industries, saying an improved 22.4bn-euro (£19.3bn) offer was too low and risky. Paints and coatings maker AkzoNobel turned down PPG Industries, saying an improved 22.4bn euro (£19.3bn) offer was too low and risky.
Dutch politicians had publicly opposed PPG's first proposal, saying it was not in the interests of the country.Dutch politicians had publicly opposed PPG's first proposal, saying it was not in the interests of the country.
Akzo's share price fell slightly in the wake of the news. Akzo shares fell 2.5% to 74.71 euros in Amsterdam following the rejection.
In a statement, Akzo said the new unsolicited PPG proposal made on 20 March was worth 88.72 euros a share in cash and shares.In a statement, Akzo said the new unsolicited PPG proposal made on 20 March was worth 88.72 euros a share in cash and shares.
The previous rejected offer made on 9 March was worth 83 euros a share, which valued the company at almost £18bn.The previous rejected offer made on 9 March was worth 83 euros a share, which valued the company at almost £18bn.
Pittsburgh-based PG had said after its initial rejection that it was confident it could reach a deal with Akzo. Pittsburgh-based PPG had said after its initial rejection it was confident about reaching a deal with Akzo.
On Monday, four provincial governors spoke out against an Akzo takeover, saying it would hurt Dutch jobs.On Monday, four provincial governors spoke out against an Akzo takeover, saying it would hurt Dutch jobs.
Akzo said the second proposal did not address its initial concerns, which included the valuation, risks that the deal might not be accepted by regulators, the leverage of the merged company and job losses. Akzo said the second proposal did not address its initial concerns, which included the valuation, risks that the deal might not be accepted by regulators, the leverage of the merged company, and job losses.
The company's boards unanimously turned down the new offer, saying it did not warrant "engagement" with PPG.The company's boards unanimously turned down the new offer, saying it did not warrant "engagement" with PPG.
Chief executive Ton Buechner said Akzo was "best placed to unlock value within the company ourselves".Chief executive Ton Buechner said Akzo was "best placed to unlock value within the company ourselves".
However, one top 20 Akzo shareholder said the bid price could soon start to look attractive.
"We are at the moment undecided/ambivalent on a deal. Certainly a price in the 90s would represent a chunky multiple and could be tempting," the investor, who did not want to be named, told Reuters.
"Certainly at this price we would believe it is up to management to convince us not to sell, as Akzo has been 'cheap' for a long time."
The company said it would "provide updated financial guidance and hold an upcoming investor event soon".The company said it would "provide updated financial guidance and hold an upcoming investor event soon".