Proposed separation of Specialty Chemicals and rejection of unsolicited indicative proposals from PPG
On March 9, AkzoNobel announced a review of strategic options for the separation of its Specialty Chemicals business and a rejection of unsolicited indicative proposals from PPG. All updates and background information will be shared on this page.
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AkzoNobel responds
April 24, 2017
Akzo Nobel N.V. (AkzoNobel) confirms today it has received a third unsolicited and conditional proposal from PPG for all outstanding share capital of the company. In accordance with its fiduciary duties and acting under the Dutch governance code the Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal.
AkzoNobel unveils new strategy to accelerate growth and value creation
April 19, 2017
AkzoNobel today outlines a new strategy to accelerate growth and value creation with two focused, high-performing businesses – Paints and Coatings and Specialty Chemicals – which will lead to a step change in value creation for shareholders and all stakeholders. Read more
AkzoNobel strongly supports Chairman of the Supervisory Board
April 12, 2017
AkzoNobel calls on Elliott Advisors and PPG to clarify relationship
AkzoNobel has received a request to hold an Extraordinary General Meeting (EGM) to dismiss Antony Burgmans as Chairman of the Supervisory Board. The Supervisory Board strongly supports Mr. Burgmans in his role as Chairman.
AkzoNobel became aware on April 11, 2017 that Elliott Advisors intended to privately share potentially price sensitive information with PPG about its decision to request an EGM. AkzoNobel has called Elliott Advisors and PPG to clarify their relationship and the history between the two companies. Read more
Ton Büchner, CEO of AkzoNobel, answers questions on recent events and the future of the company.
April 3, 2017
Ton Büchner, CEO of AkzoNobel, answers questions on recent events and the future of the company. In a short interview, he also talks about the upcoming investor update and responds to the unsolicited bids made by PPG.
AkzoNobel to outline new strategy and updated financial guidance at investor update on April 19, 2017
March 28, 2017
AkzoNobel will hold an investor update on Wednesday April 19, 2017 to outline plans for the creation of two focused businesses and enhanced long-term value creation.
The company will provide updated financial guidance and growth plans, demonstrating the benefits of two focused businesses. Further details regarding the strategic options for the separation of its Specialty Chemicals business will be provided. Read more
Statement from the European Works Council
March 22, 2017
"We, as the employee representatives, fully endorse the statement issued by Ton Büchner, CEO of AkzoNobel, saying we do not believe the unsolicited bids from PPG, which contain significant uncertainties and risks, are in the best interest of all AkzoNobel stakeholders including employees.
We also believe that we as a company are best placed to develop and follow the announced strategy of AkzoNobel."
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 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. Read more
AkzoNobel reviewing strategic options to separate Specialty Chemicals
March 9, 2017
AkzoNobel rejects an unsolicited indicative proposal from PPG
AkzoNobel, one of the world’s leading paints, coatings and chemicals companies announced a review of strategic options for the separation of its Specialty Chemicals business.
The decision was brought forward following confirmation that AkzoNobel has rejected an unsolicited, non-binding and conditional proposal from PPG Industries Inc. for all of the issued and outstanding ordinary shares in the capital of AkzoNobel. Read more
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