By Ian Walker

Dutch paint and chemicals firm Akzo Nobel NV on Wednesday said it had rejected a raised EUR22.37 billion ($24.19 billion) takeover proposal from rival PPG Industries Inc., continuing the trans-Atlantic standoff between the two industrial giants.

The Amsterdam-based company said PPG's received offer worth EUR88.72 a share -- a 6.9% increase on its earlier offer worth EUR83 a share -- fails to reflect the current and future value of the company.

PPG's raised offer consists of EUR56.22 in cash and 0.331 PPG shares a Akzo Nobel share. Its previous offer, announced and rejected earlier this month, was EUR54 in cash and 0.3 PPG shares for each Akzo share.

Akzo said a merger would lead to a large number of disposals because of the major geographical and segment overlap of both companies across decorative paints and performance coatings, and would lead to significant job cuts.

"We are convinced that AkzoNobel is best placed to unlock the value within our company ourselves," Chief Executive Ton Büchner said, adding that the board is executing its plan, including the creation of two focused businesses and new cost structure.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

March 22, 2017 04:34 ET (08:34 GMT)

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