Akzo Nobel outbids PPG for Tikkurilka purchase in €1.4bn offer

Dutch paints and coating firm Akzo Nobel has offered to pay €1.4 billion for Finland's Tikkurila as it tried to outbid US-based rival PPG Industries.

The Akzo offer equates to €31.25 per share - more than 13% more than PPG's offer earlier this month.

Akzo CEO Thierry Vanlancker said that the deal would "create superior value compared to any other combination, including growth opportunities for the company and its employees."

He added that the two companies "have an exciting and sustainable future together, continuing the recent positive momentum and performance improvement, as a global frontrunner in the industry.”

Akzo said that it would divest its decorative paints business in the Nordic and Baltic countries in order "to obtain merger clearance and ensure deal certainty for Tikkurila and its shareholders."

Shares in Akzo dropped by 3% in Amsterdam in early morning trading.

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