PPG CEO sees no reason to raise bid for Akzo, may lower offer

Amsterdam

PPG Industries Inc. sees no reason to raise a $29.5 billion bid for Akzo Nobel NV and may even lower its offer if the Dutch paint and coatings maker refuses to engage in talks.

The US company would consider adjusting the terms of its approach to address concerns about employment, Chief Executive Officer Michael McGarry told reporters in Amsterdam on Tuesday. But there’s no reason to raise the offer, he said, because Akzo Nobel’s plan to remain independent offers less value and most shareholders are calling for the Dutch company to negotiate. To make a hostile bid, PPG has to submit an offer to the Dutch regulator by June 1 or walk away for six months.