AkzoNobel unveils strategy to thwart US takeover bid

The world’s leading paintmaker AkzoNobel, fending off a hostile takeover bid from U.S. rival PPG, Wednesday unveiled plans to shed its chemicals division as first-quarter profits came in stronger than expected.

Sales of such household brand names as Dulux and Trimetal were up 7.0 percent to 3.7 billion euros, the company said in a statement, as it announced plans to spin off its specialty chemicals division within 12 months.

The company and chief executive Tom Buchner have been under pressure in recent weeks amid an increasingly hostile bid by the Pittsburg-based paints and coatings business PPG.

Some 1.6 billion euros will also be paid out to shareholders in 2017, which includes a special one-billion-euro dividend to be paid in November.

…

Article source: http://www.dailystar.com.lb//Business/International/2017/Apr-19/402463-akzonobel-unveils-strategy-to-thwart-us-takeover-bid.ashx