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Place de cotation: AMSTERDAM STOCK EXCHANGE    EURONEXT BRUSSELS  PARIS

Akzo Nobel is active in three business areas: Pharma, Coatings and Chemicals. 
Headquartered in the Netherlands, the company has activities in more than 80 countries and employs 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, infertility treatments and veterinary vaccines.We are the world’s leading coatings company. The brands we manufacture include Sikkens®, International®, Crown® and Interpon®.
Our coatings products 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 producers. We are the world’s leading salt specialists and produce chemicals found in everyday items such as ice cream, toothpaste, bakery goods, cosmetics, 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 réparties dans près de 80 pays.
En 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 coordonnent les activités locales

http://www.akzonobel.com

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 concerns
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 worldwide.
 
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 addressed.
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 execution risks.”

AkzoNobel will provide updated financial guidance and hold an upcoming investor event soon. Details of the event will be announced in due course.

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.

 
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