Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

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

PPG Industries is boosting its offer for Akzo Nobel, looking to buy the industrial paints and chemicals company in a cash-and-stock deal valued at about $28.8 billion.

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Akzo Nobel, which bought ICI in 2008, employs 3,500 staff while PPG has 10 manufacturing and RD sites.

"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 stakeholders", PPG Chief Executive Officer Michael McGarry said in a letter to Akzo Nobel.

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"Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel's stakeholders will find compelling", Mr. McGarry said.

PPG says, though, that its latest offer is "vastly superior" to AkzoNobel's new stand-alone plan.

Reps from Elliott did not immediately respond to requests to comment. Akzo alerted Dutch regulatory authorities about possible collusion between the two companies. Additionally, PPG has agreed to protect pensions, jobs, and the Dutch firm's European headquarters.

Professor John Colley, of Warwick Business School, said PPG's new offer has given AkzoNobel little option but to engage.

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"This is the first time Akzo has said it will review an offer from PPG, although we will have to wait and see what decision is ultimately made", the analysts said in a note.

"Chairman of the board Antony Burgmans turned down the previous bid within 24 hours, whilst CEO Ton Buchner outlined in detail the unwanted issues of a cultural mismatch, lost sustainability agenda, job losses and competition issues".

"Boards have very different interests to shareholders", he added. Shareholders want created value through increasing dividends and share price. Activist shareholder Elliott Management has been pressing the two paints producers to enter negotiations.

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