AMSTERDAM, March 23 (Reuters) - Paint maker PPG has made a “very compelling” offer for Akzo Nobel and was shocked when its Dutch rival turned it down, PPG’s chief executive Michael McGarry said on Thursday on a visit to Amsterdam to drum up support for a proposed tie-up.
McGarry said he would meet Akzo shareholders during the visit and was prepared to meet Akzo’s boards “any time, any place” to discuss its 22.7 billion euro ($24.47 billion) takeover offer. He disputed Akzo’s view that the two companies’ cultures were ill-matched.
Asked to comment on a possible hostile bid, McGarry said he wanted to “work together” with Akzo.
$1 = 0.9276 euros Reporting By Toby Sterling, writing by Thomas Escritt. Editing by Jane Merriman