AMSTERDAM, April 17 PPG Industries, the
U.S. paint-maker that is trying to buy Dutch peer AkzoNobel
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
($1 = 0.9410 euros)
(Reporting by Toby Sterling; Editing by Toby Chopra)