Akzo Nobel CEO Ton Buechner repeated on Monday his opposition to a March 20 takeover proposal from U.S. rival PPG Industries, saying he sees no merit in negotiating with PPG.
Buechner and Akzo Chairman Antony Burgmans have been under pressure from major shareholders, many of whom say the company should enter talks on PPG’s 24.5 billion euro ($26.1 billion) offer.
“It did not address the key stakeholder issues and other issues like uncertainties and risks that we had already raised in response to their first proposal” on March 9, Buechner said.
He cited antitrust and other concerns, adding that it was not “our duty” to advise PPG on how to make a deal successful when Akzo is not the one asking for it.
Buechner is due to detail his plans to instead spin off Akzo’s chemical division on April 19, despite scepticism from investors and analysts that the plan could rival PPG’s cash and share offer, which is worth 90.20 euros per share at current prices.
Akzo shares were trading up 0.3 percent at 77.96 euros Monday.
By Toby Sterling
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?