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Shares in AkzoNobel soar after it rejects takeover offer

AMSTERDAM (AP) — Industrial paints and chemicals company AkzoNobel says it has rejected an unsolicited takeover bid from U.S. company PPG Industries worth 21 billion euros ($22 billion). The Dutch company said the offer undervalues it and that the terms of the deal are problematic as they would...

AMSTERDAM (AP) — Industrial paints and chemicals company AkzoNobel says it has rejected an unsolicited takeover bid from U.S. company PPG Industries worth 21 billion euros ($22 billion).

The Dutch company said the offer undervalues it and that the terms of the deal are problematic as they would include high debt. It adds that the deal would threaten thousands of jobs and be detrimental to customers.

The offer, however, spurred the company to reassess its business model and it said it is looking into the possible sale or independent listing of its specialty chemicals business as a way to unlock value for shareholders.

Shares in AkzoNobel jumped 14 percent to 73.50 euros in Amsterdam.