PPG reiterated the merger invitation of the two co

2022-06-22
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PPG reiterated to AkzoNobel the merger invitation of the two companies

ppg reiterated to AkzoNobel the merger invitation of the two companies

2017 April 7

[China paint information]

2017 April 5 PPG (nyse:ppg) reiterated its invitation to AkzoNobel (: akzoy) and PPG to establish a merger company. PPG previously made similar declarations on March 9 and March 22

ppg still believes that the merger of the two companies has strong strategic rationality and can bring a very convincing and unique opportunity for AkzoNobel and PPG and their shareholders

"we have provided a very convincing proposal for AkzoNobel, which can bring its shareholders a significant premium and opportunities to benefit from potential advantages. A stronger company after the merger is a better platform for future development and value creation. The merger can enable us to create a stronger company and benefit AkzoNobel's shareholders, including its employees in the Netherlands." Michael McGarry, chairman and CEO of PPG, said so

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although AkzoNobel refused PPG's many invitations for talks, PPG still insisted on trying to contact AkzoNobel. PPG believes that AkzoNobel should respect the invitation for talks, comprehensively consider relevant options to create the highest value for its shareholders, and benefit from the months of merger preparation that PPG has been making

"we have received loud feedback from the Netherlands, the United Kingdom and the United States, which further confirms the advantages of the merger of PPG and AkzoNobel," McGarry said. "We are now more sure that this merger is in the interests of all AkzoNobel shareholders."

ppg has announced that it has agreed to discuss several important topics previously proposed by AkzoNobel, such as adhering to R & D investment, respecting the employment status and social plans of existing employees, determining key businesses in Europe and the Netherlands, maintaining important public-private relations, further strengthening community investment and adhering to sustainable development and society. PPG gives a detailed answer to any specific question that AkzoNobel may propose that the system used to deal with the largest garbage belt in the Pacific Ocean is designed by a non-profit technology company called "the ocean cleanup", including respecting antitrust matters. PPG's antitrust experts have conducted extensive analysis and are convinced that there is no problem with this merger

"We once again invite AkzoNobel to discuss with us about our detailed proposal. We are ready to give a detailed and substantive answer to all AkzoNobel's doubts, and explain that AkzoNobel's best option is to discuss these important areas with PPG to make the key technologies and major innovations of all shareholder projects: in situ preparation of nano hydroxide in rigid polyurethane composite polyols by sol-gel method Aluminum inorganic flame retardant materials benefit. " McGarry said

PPG confirmed its intention to publicly acquire all existing shares issued by AkzoNobel on the premise of complying with Dutch laws. PPG will submit a draft proposal memorandum to the Dutch Financial Markets Authority (AFM) before june1,2017

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