drulletje drie schreef op 31 maart 2017 09:28:www.paintandpanel.com.au/news/news/pp...
PPG continues to pursue AkzoNobel, as the Dutch paint makers sought to calm shareholder frustration following PPG's initial bid of 24.4 billion-euro.
AkzoNobel said it plans to raise its financial targets and release its strategy for its chemicals division (which accounts for approximately a third of company sales and profits) next month.
AkzoNobel will unveil these plans on April 19, also bringing forward the release of its first quarter earnings to the same date. The decision will give investors until the company's annual meeting on April 25 to consider the company's proposal to remain independent.
PPG chief executive Michael Garry announced his intention to meet with shareholders in March.
Key investor Elliot Advisors, which has a 3.25% stake in Akzo Nobel, stated other shareholders were pushing for the company to enter into talks with PPG.
According to AkzoNobel spokesperson Andrew Wood, the decision not to engage in conversation with PPG has stemmed from consideration for all of the company's “stakeholders”, including employees and customers.
"We have a plan for creating long-term value and we're looking forward to sharing that with investors" on April 19, he said, referring to when management are due to announce the plan.”
The chief executive of U.S. paint maker PPG meets Dutch government officials today to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of AkzoNobel.
PPG was also due to meet representatives of the VEB, an organization that represents shareholders in the Netherlands, but there was no indication that it would get a hearing from AkzoNobel executives.
PPG Chief Executive Michael McGarry, who arrived in Amsterdam on Thursday, said he wanted to meet Akzo "stakeholders" including local media, shareholders, politicians, employee groups and the company's boards.
On Friday, McGarry was to meet Bertholt Leeftink, Director-General Enterprise and Innovation at the Economic Affairs Ministry in The Hague, a ministry spokesman said. He declined to provide details.
PPG spokesman Bryan Iams said the company was meeting "various stakeholders" including government officials, but declined further comment, citing privacy reasons.
Many AkzoNobel shareholders have urged Akzo Chief Executive Ton Buechner to meet PPG's McGarry.
A poll of 50 Akzo Nobel shareholders published by Sanford Bernstein found that 80 percent of them wanted AkzoNobel's management to enter talks with Pittsburgh-based PPG.
Despite the seemingly firm decision to avoid entering conversation with PPG, Michael Wegener, managing partner at Hong Kong-based hedge fund Case Equity Partners told Reuters he thought PPG would respond before the shareholders' meeting.
Read more at www.paintandpanel.com.au/news/news/pp...