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PPG Industries Inc (PPG.N)

PPG.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Elliott Advisors limited condemns Akzo Nobel's rejection of third PPG proposal
Tuesday, 9 May 2017 01:01am EDT 

May 9 (Reuters) - Elliott Advisors-:Elliott advisors limited condemns Akzo Nobel N.V.'s rejection of third PPG proposal; has filed petition with enterprise chamber regarding EGM.Elliott - Considers reasons outlined by Akzo Nobel's boards for declining PPG's third proposal to be "unconvincing and unsupported by any available evidence".Elliott advisors - believes PPG's third proposal sufficiently addresses concerns expressed by boards warrant Akzo Nobel's constructive engagement with PPG.  Full Article

Elliott condemns Akzo Nobel's rejection of EGM
Tuesday, 25 Apr 2017 01:15pm EDT 

April 25 (Reuters) - Elliott Advisors (UK) Limited::Elliott Advisors (UK) Limited condemns Akzo Nobel's <<>> rejection of Extraordinary General Meeting.Says it views Akzo Nobel’s rejection of the EGM request as groundless.Says shareholder feedback apparently indicates that shareholders would vote to remove Mr. Burgmans from his position as chairman of the supervisory board.Says given there is third PPG proposal being considered by Akzo Nobel’s boards, Elliott intends to assess Akzo Nobel’s response to that proposal.Elliott says is confident that the EGM request meets the required standards of reasonableness and fairness, and passes the 'legitimate interest' test.  Full Article

AkzoNobel backs chairman in response to EGM request
Tuesday, 25 Apr 2017 07:30am EDT 

April 25 (Reuters) - Akzo Nobel NV ::AkzoNobel strongly supports chairman in response to EGM request.Supervisory board has concluded that request from Elliott advisers to dismiss chairman does not meet standards required under Dutch law.  Full Article

Akzo Nobel confirms it has received a third unsolicited and conditional proposal from PPG
Monday, 24 Apr 2017 07:06am EDT 

April 24 (Reuters) - Akzo Nobel Nv :Confirms it has received a third unsolicited and conditional proposal from PPG for all outstanding share capital of company.Board of management and supervisory board of Akzonobel will carefully review and consider PPG proposal.  Full Article

PPG reports Q1 EPS of $1.29
Thursday, 20 Apr 2017 06:51am EDT 

April 20 (Reuters) - PPG Industries Inc :PPG reports first quarter 2017 financial results.Q1 earnings per share $1.29 from continuing operations.Q1 earnings per share view $1.32 -- Thomson Reuters I/B/E/S.Q1 earnings per share $1.29.Reiterated commitment to deploy at least $2.5 billion-$3.5 billion cash on acquisitions and share repurchases in years 2017 and 2018 combined.Q1 2017 net sales of about $3.6 billion, up 1 percent versus prior year.Remain willing to engage with Akzonobel, continue to believe a combination of 2 cos is in best interest of both companies' stakeholders.Unfavorable foreign currency translation impacted net sales by nearly 2 percent, or about $65 million in quarter.Q1 2017 adjusted net income from continuing operations was $1.35 per diluted share.  Full Article

Akzo Nobel aims 150 million euros savings per year - conference call
Wednesday, 19 Apr 2017 07:36am EDT 

April 19 (Reuters) - Akzo Nobel Nv ::Step change in growth post-separation of specialty chemicals: additional 200 million euros EBITDA by 2022 – conference call.Each of the business units shows the same level of profitability – conference call.Continues improvement will deliver 150 million euros savings per year – conference call.  Full Article

Akzo Nobel to separate Specialty Chemicals within 12 months
Wednesday, 19 Apr 2017 02:01am EDT 

April 19 (Reuters) - Akzo Nobel NV ::Akzo Nobel unveils new strategy to accelerate growth and value creation.Creation of two focused, high-performing businesses with sustainable growth plans.Separation of specialty chemicals within 12 months: vast majority of net proceeds will be returned to shareholders.1.6 billion euros to be returned to shareholders for 2017 via a 1 billion euro special dividend combined with a 50 percent increase to regular dividend.Dual-Track Process With Active Consideration Of A Separate Listed Entity Or Sale.Investment of 1 billion euros in research and development by 2020 to maintain focus on innovation and new product development.  Full Article

Akzo Nobel Q1 EBIT beats Reuters poll
Wednesday, 19 Apr 2017 01:01am EDT 

April 19 (Reuters) - Akzo Nobel Nv :Akzo Nobel reports record profitability in Q1 2017.Q1 net income attributable to shareholders 240 million euros ($257.26 million) vs 240 million euros year ago.Q1 revenue 3.66 billion euros vs 3.58 billion euros in Reuters poll.Q1 EBIT 376 million euros vs 334 million euros year ago.Q1 EBIT 337 million euros in Reuters poll.EBIT for 2017 is expected to be around 100 million euros.Continues to anticipate positive developments for EMEA, North America and Asia, improving during year, while Latam is expected to stabilize.Strategy update including further details of proposed separation of specialty chemicals will follow at 08.00 CET.  Full Article

PPG: not wrong to talk to disgruntled AkzoNobel shareholders
Wednesday, 12 Apr 2017 09:13am EDT 

Akzo Nobel Nv : PPG: has met with nearly 100 AkzoNobel shareholders after making takeover proposal. . PPG: Akzo shareholders are "near unanimous" in disappointment at management's lack of concern for them. . PPG: never informed any Akzo shareholders of intentions to make takeover proposals ahead of time. . PPG: has always complied with all laws and rules in communications with Akzo shareholders. . PPG: invites AkzoNobel to talk "with us rather than about us" in interest of Akzo's stakeholders. .PPG: has no agreement or arrangements "in whatever form" with Akzo shareholder Elliott Advisors..  Full Article

Elliott calls for Akzo chairman's removal for alleged failures
Wednesday, 12 Apr 2017 03:24am EDT 

Akzo Nobel NV : Elliott Advisors: Akzo boards acting in a "self-entrenching and obstructive manner". . Elliott Advisors: Akzo Nobel boards "failed" in duties to shareholders and other stakeholders. . Elliott Advisors: Akzo Nobel shareholders representing 10 percent stake are acting together only to call EGM (extraordinary shareholders meeting). . Elliott Advisors: EGM must be held within 8 weeks under Dutch law. . Elliott Advisors: shareholders have made clear they lack confidence in boards' course of action. .Elliott Advisors: shareholders hold Chairman Burgmans responsible because he has duty to oversee management board..  Full Article

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PPG CEO says remains interested in 'consensual' deal with Akzo

AMSTERDAM PPG Industries remains interested in negotiating a "consensual" deal with Akzo Nobel , even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG's top executive said on Tuesday.