| 2017-04-19 12:40:03|
PPG, AKZOY 12:40 04/19 04/19/17
PPG reiterates belief in merger after AkzoNobel strategy unveil
PPG (PPG) issued the following statement in connection with its proposal to AkzoNobel (AKZOY) to form a combined company: "PPG has listened carefully to AkzoNobel's new strategic plan, and we continue to believe in the merits of combining the two companies. PPG believes that AkzoNobel's new strategic plan will be more risky and create more uncertainty for AkzoNobel stakeholders including employees and pensioners, as Akzo's revised strategy would create two smaller, unproven companies and result in additional restructuring. PPG has a proven, demonstrated record of executing on strategic actions and driving performance and growth... The combined company will be much better positioned to take advantage of the opportunities in our markets and deliver superior shareholder returns. PPG's proposal would create more value, as it provides an immediate cash payout far in excess of AkzoNobel's special dividend and is supplemented with PPG shares... We have not heard anything today that changes our belief in the value of combining the two companies, and now is the time for a complete review and full consideration of our compelling proposal to combine PPG and AkzoNobel."