PPG Withdraws Its Proposal For AkzoNobel - Quick Facts

(RTTNews) - PPG (PPG) announced the compay has withdrawn its proposal to combine with AkzoNobel. PPG said it will not pursue a public offer for the AkzoNobel shares. The company made the final decision after careful consideration, including the stakeholder interests of both companies.

Michael McGarry, PPG CEO, stated: "We made a final attempt for engagement late last week and through a letter to AkzoNobel. In that letter, we addressed AkzoNobel's stated commentary around value, certainty, timing and stakeholder considerations, and provided additional and specific commitments and assurances including a significant break-fee and an offer to negotiate a nominal price increase as part of an agreed transaction. However, AkzoNobel's Boards have consistently refused to engage and did not respond to our call or letter."