de cotation: AMSTERDAM
STOCK EXCHANGE EURONEXT
Akzo Nobel is active in
three business areas: Pharma, Coatings and Chemicals.
Netherlands, the company has activities in more than 80 countries and
approximately 64,500 people.Our Pharma group manufactures products for
both the human and animal healthcare markets.Products developed by the
Pharma businesses include oral contraceptives, antidepressants,
treatments and veterinary vaccines.We are the world’s leading coatings
company. The brands we manufacture include Sikkens®, International®,
Crown® and Interpon®.
were used on London’s Millennium Wheel, La Scala Opera House in Milan,
the Öresund Bridge between Denmark and Sweden and Stadium Australia
in Sydney. Akzo Nobel is also one of the world’s leading chemicals
We are the world’s leading salt specialists and produce chemicals found
in everyday items such as ice cream, toothpaste, bakery goods,
plastics and glass.
Akzo Nobel, dont le siège
social est situé aux Pays-Bas, fournit à ses clients du monde
entier des produits de santé, des peintures et des produits chimiques.
L'effectif actuel d'Akzo Nobel compte environ 67.000 personnes
dans près de 80 pays.
2001, son chiffre
d'affaires consolidé s'est élevé à 14 milliards
d'Euros (USD 13 milliards, GBP 8,5 milliards).Les différentes activités
sont menées par des unités d'exploitation, placées
sous l'autorité directe du Conseil de Direction.Dans plusieurs pays,
des organisations nationales ou des bureaux de représentation
les activités locales
AkzoNobel rejects second
unsolicited proposal from PPG
March 22, 2017
Proposal fails to recognise value of AkzoNobel and neglects to address
significant risks and uncertainties, including extensive anti-trust
AkzoNobel N.V. (AKZA.AS; AKZOY)
AkzoNobel today announces it has rejected a second unsolicited,
non-binding and conditional proposal of 20 March from PPG Industries
Inc. for all of the issued and outstanding ordinary shares in the
capital of AkzoNobel.
The proposal not only fails to reflect the current and future value of
AkzoNobel, it also neglects to address the significant uncertainties
and risks for shareholders and other stakeholders.
The Management Board and Supervisory Board of AkzoNobel, together with
their financial and legal advisors, have thoroughly reviewed the second
proposal taking into consideration the interests of AkzoNobel’s
shareholders, customers, employees and other stakeholders.
The revised proposal represents a value of € 88.72 (adjusted for final
dividend) consisting of €56.22 (adjusted for final dividend) in cash
and 0.331 PPG shares, as at 20 March 2017, per AkzoNobel share.
The proposal does not address the concerns expressed by the Boards in
their initial rejection of 9 March 2017. The revised proposal:
Is not in the best interests of shareholders. It substantially
undervalues AkzoNobel and fails to reflect the value creating
opportunities of the new strategic direction and focus for both the
Specialty Chemicals and the Paints and Coatings businesses, allowing
them to build further on their respective leadership positions.
Contains significant risks related to the increased stock component and
the high leverage of the proposed combined businesses.
Would result in a large number of substantial divestitures due to the
major geographical and segment overlap of both companies across
Decorative Paints and Performance Coatings, bringing into question
value leakage. It does not address the significant risk and
uncertainty, including timing, of deal completion due to extensive
anti-trust concerns. These anti-trust issues would have a
significant negative impact on employees and customers which will
affect the integrity of AkzoNobel.
Will lead to significant job cuts. It includes synergies which can be
expected to result in the restructuring of the combined employee base,
leading to job losses. PPG provides no substantive commitments to
employees, creating potential uncertainty for thousands of jobs
Does not address fundamental stakeholder concerns and uncertainties,
nor does it substantiate any tangible solutions in relation to, among
others, R&D, pensions and employees.
Does not meaningfully address our concerns regarding community
contribution and sustainability and the significant culture gap between
both companies, including how any issues arising from this would be
The unsolicited proposal does not warrant AkzoNobel’s engagement with
PPG. The Boards unanimously reject PPG's revised proposal.
Ton Büchner, CEO, AkzoNobel:
“This proposal significantly fails to recognize the value of AkzoNobel.
Our Boards do not believe it is in the best interest of AkzoNobel’s
stakeholders, including our shareholders, customers and employees. That
is why we have rejected it unanimously.
“We are convinced that AkzoNobel is best placed to unlock the value
within our company ourselves. We are executing our plan, including the
creation of two focused businesses and new cost structure, and believe
this gives us a strong platform for continued profitability and long
term value creation for all our stakeholders with substantially less
AkzoNobel will provide updated financial guidance and hold an upcoming
investor event soon. Details of the event will be announced in due
This is a public announcement by AkzoNobel N.V. pursuant to section 17
paragraph 1 of the European Market Abuse Regulation (596/2014). This
public announcement does not constitute an offer, or any solicitation
of any offer, to buy or subscribe for any securities in AkzoNobel N.V.
Contact for this publication
For media requests only
+31 88 9697833
Contact for other questions