PPG says there is a “strong strategic rationale” for the proposed transaction between PPG and AkzoNobel.
“PPG has long admired AkzoNobel’s businesses, global presence, culture and principles as well as its advances in innovative product development and sustainable business practices,” said PPG chairman and CEO, Michael McGarry.
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“We believe a combination of our two companies is a compelling strategic opportunity. We are confident this combination is in the best interests of the stakeholders of both companies as it presents a unique opportunity to build on the successful legacies of our businesses.
“PPG has carefully considered the interest of all AkzoNobel stakeholders including shareholders, employees, customers and the communities it serves and has proposed its willingness to enter into serious commitments in respect of all stakeholders.”
PPG maintains the combination would deliver an enhanced global player in paints, coatings and speciality materials, combining complementary products, technologies and geographies and would create a stronger competitor in a highly competitive global marketplace.
Financially, the combination would create a stronger enterprise with a solid investment grade rating, adds PPG.
