AkzoNobel Rejects €73-a-Share Bid, Sending Stock Up 15.1%
Updated
Updated · CNBC · May 27
AkzoNobel Rejects €73-a-Share Bid, Sending Stock Up 15.1%
9 articles · Updated · CNBC · May 27
AkzoNobel shares jumped 15.1% after the Dutch paints maker said it had rejected a joint cash takeover approach from Nippon Paint and Sherwin-Williams worth €73 per share.
The company said its boards unanimously still back a planned merger with Axalta, signaling it prefers that deal over the unsolicited bid.
The move stood out in a firmer European market, where the Stoxx 600 rose 0.3% even as investors tracked renewed U.S.-Iran tensions.
Oil prices eased despite the flare-up, with Brent down 2.3% to $97.30 a barrel, helping support broader risk appetite across European equities.
With U.S.-Iran tensions boiling, why are European stocks rising and oil prices falling?
Can Europe's booming electric car market overcome growing geopolitical risks and trade disputes?
Are U.S.-Iran peace talks a reality or a smokescreen for escalating military conflict?