April 17, 2017 / 10:33 AM / 3 years ago

PPG CEO: AkzoNobel independence plan riskier than merger

AMSTERDAM (Reuters) - PPG Industries (PPG.N), the U.S. paint-maker that is trying to buy Dutch peer AkzoNobel (AKZO.AS) for 24.6 billion euros ($26.1 billion), said on Monday that Akzo’s plan to instead spin off its chemicals arm and remain independent is riskier and would create less value.

In an open letter addressed to Akzo’s “stakeholders”, Michael McGarry urged Akzo’s management and supervisory boards to enter talks, saying they had so far given insufficient consideration to PPG’s proposal, which is favored by many of Akzo’s own shareholders.

Akzo is due to outline details of its alternative plan on Wednesday.

Reporting by Toby Sterling; Editing by Toby Chopra

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