PPG Makes 'Last Invitation' to Dutch Rival Akzo

Akzo Nobel has the Dulux Hammerite and Polycell brands in its stable

Dutch Economic Affairs Minister Henk Kamp repeated his opposition to a takeover of paint maker Akzo Nobel on Tuesday, saying he did not care that US rival PPG Industries had raised its offer.

The move comes a day before Akzo, which has declined two previous approaches from PPG, faces a group of unhappy shareholders at its annual meeting.

"We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel's shareholders", PPG Chairman Michael McGarry said in a letter to Akzo's chairman and its chief executive.

Akzo Nobel confirmed it had received the third proposal from PPG and "Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal". Akzo shares jumped 6 percent to a record high of 82.86 euros by 1130 GMT. It has until June 1 to launch a public takeover offer for Akzo. This is made up of €61.50 in cash and 0.357 shares of PPG common stock.

'Our revised proposal represents a second substantial increase in price along with significant and highly specific commitments that we are confident Akzo Nobel's stakeholders will find compelling'.

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Value for the total outstanding equity of AkzoNobel will be approximately 24.6 billion euros ($26.7 billion), under the proposal.

PPG said its proposal was a "final" invitation to Akzo to enter negotiations and included a break fee in case the deal was rejected by regulators - attempting to address a concern that Akzo raised when it rejected two previous proposals from PPG.

McGarry critiqued plans Akzo announced last week to spin off its speciality chemicals business.

PPG says, though, that its latest offer is "vastly superior" to AkzoNobel's new stand-alone plan. The company also said the Dutch company's European production facilities wouldn't be relocated to the U.S.

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