PPG Industries, Inc. (NYSE:PPG) Gapping Down Ahead of the Open

Posted March 10, 2017

Akzo Nobel N.V.is a paints and coatings company, and a producer of specialty chemicals. The bid is 29 percent above Akzo's closing level Wednesday. "The unsolicited proposal we received from PPG substantially undervalues our company and contains serious risks and uncertainties". The specialty chemicals business had sales of 4.8 billion euros a year ago, accounting for 34 percent of revenue. Analyst's ratings play a vital role in defining a stock's performance for the day. PPG's offer comes days ahead of an election where vulnerability of large Dutch companies to foreign takeover has been an problem.

Akzo Nobel announced that PPG has offered €54 in cash and 0.3 PPG shares per Akzo Nobel Share.

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Bloomberg had yesterday reported that PPG Industries Inc., is exploring a potential deal that could involve buying all or part of AkzoNobel (See: PPG Industries explores potential deal with Dutch rival Akzo Nobel). Now the US company is returning with an offer for the rest. Azko rejected the unsolicited bid, but said it would look at strategic alternatives, including the sale of its Specialty Chemicals business, which had €4.8 billion in sales past year. Akzo said Thursday it will review options for the business, including a spinoff.

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Glancing over stock's performance with EPS trend, the current quarter estimates trends for EPS by pool of analysts was $0 and for one month ago was $0.03, as Q1 2017 Trends estimate stands at $0.12, according to WSJ analytic reports.

"Any future proposition is pure speculation", the CEO said. In any case, the expected synergies from a combination would be compromised by antitrust demands, he added.

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Akzo said it would consider various alternative ownership structures for the specialty-chemicals business, including a new independent listed entity. PPG's move just "pulled forward" this internal discussion, he said.