AkzoNobel To Outline Business-split Plan, Updated Financial Guidance On April 19
AMSTERDAM (dpa-AFX) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS; AKZOY), which recently rejected a takeover offer by PPG Industries Inc. (PPG), Tuesday said it will outline plans for the creation of two focused businesses and enhanced long-term value creation in April.
The company will also provide updated financial guidance and growth plans during its investor update on Wednesday, April 19.
This investor update follows the recent announcement to review strategic options for the separation of its Specialty Chemicals business.
The company will demonstrate the benefits of two focused businesses, and will provide further details regarding the strategic options for the separation of its Specialty Chemicals business.
AkzoNobel will also publish results for the first quarter 2017 on the same day.
Ton Büchner, CEO, AkzoNobel, said, "Our new strategy will further unlock the value within the company, including the creation of two focused businesses. We are convinced we have a strong platform to build further on our leadership positions to deliver improved profitability and additional long-term value creation..."
On March 22, PPG said that AkzoNobel rejected its latest revised proposal of 90.00 euros (cum dividend) per ordinary share, comprised of cash of 57.50 euros and 0.331 share of PPG common stock. Including the assumption of net debt and minority interests, the proposed transaction was valued at approximately 24.5 billion euros, or $26.3 billion.
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