US giant ends its pursuit of Dulux owner
US chemicals giant PPG Industries has abandoned its €26.9bn (£23.3bn) pursuit of Dulux owner AkzoNobel.
PPG had made several informal attempts to take AkzoNobel over but was continuously rebuffed by the group's board, which favours its own strategy to accelerate growth.
Michael McGarry, PPG chairman and chief executive, said: "We were hopeful throughout this process that AkzoNobel's boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future.
"We strongly believe a combined company would create more opportunities and provide more benefits for our collective customers, employees, shareholders and society in general.
"However, AkzoNobel's boards have consistently refused to engage and did not respond to our call or letter.
"As a result, we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time."