Akzo Nobel to Reveal Plans to Split Business April 19
March 28 2017 - 2:01AM
Dow Jones News
By Ian Walker
Akzo Nobel N.V. (AKZA.AE), the Dutch paints and speciality
chemicals firm fighting off a $24 billion takeover approach from
U.S. peer PPG Industries Inc. (PPG), said Tuesday it will outline
its plans to split the business at an investor update on April
19.
Akzo, which previously announced that it would separate its
speciality chemicals business, said it will also provide updated
financial guidance and growth plans, demonstrating the benefits of
two focused businesses.
"Our new strategy will further unlock the value within the
company, including the creation of two focused businesses," Chief
Executive Ton Buchner said.
"We are best placed to deliver these plans ourselves, building
on the existing momentum we have within the company. We look
forward to sharing more details on our vision of the future for
AkzoNobel," he added.
Just last week Akzo rejected a second, sweetened takeover offer
by PPG of 88.72 euros a share, up from the earlier offer of
EUR83.
Since then at least two of its shareholders--Causeway Capital
Management LLC U.S. activist investor Elliott Management Corp--have
urged the company to start talks with PPG.
Elliott owns a 3% stake in Akzo, while Causeway is Akzo's
largest shareholder with a stake of around 6.8%.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
-0-
(END) Dow Jones Newswires
March 28, 2017 02:46 ET (06:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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