PPG urges Akzo Nobel shareholders to push for deal

|About: Akzo Nobel N.V. (AKZOF)|By:, SA News Editor

In an open letter to Akzo Nobel (OTCQX:AKZOF, OTCQX:AKZOY) stakeholders, PPG Industries (PPG +0.7%) makes a direct appeal to pressure their company to negotiate its $24B takeover offer.

PPG touts its stronger stock market performance, sales growth and successful takeover history as reasons for negotiations to begin, arguing that the combined company would be stronger than two independent competitors.

The letter comes ahead of Akzo’s plan this week to unveil its strategy to separate its specialty chemicals business in an attempt to raise the stock price, a plan PPG says "will be more risky, create more uncertainty for Akzo Nobel employees... and create less value than our proposal."