PPG walks way from €27bn Akzo Nobel takeover
US group PPG Industries has walked away from a prospective €26.9bn takeover of paint and coatings rival Akzo Nobel.
In a statement on Thursday, PPG said it had withdrawn its proposed merger deal and would no longer pursue the Dutch company after months of resistance from the Dulux paint-maker. PPG’s decision comes two days after the Netherland’s financial regulator rejected its request for an extension beyond June 1 for it to make a formal takeover bid.