Dutch paints and coatings maker Akzo Nobel rejected a 21 billion euro ($22 billion) bid from larger U.S. rival PPG Industries on Thursday, saying instead it would “unlock value” by spinning off its chemicals business.
PPG’s unsolicited offer, which would be the biggest purchase of a Dutch company by a U.S. buyer according to Thomson Reuters data, comes just days before an election where the vulnerability of the Netherlands’ biggest blue chip companies to foreign takeover has been a concern.
