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PPG's McGarry in Amsterdam to promote "compelling" Akzo offer
March 23, 2017 / 10:44 AM / 9 months ago

PPG's McGarry in Amsterdam to promote "compelling" Akzo offer

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

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