Akzo Nobel Plunges 18% After Nippon Paint, Sherwin-Williams Drop €12.5 Billion Bid
Updated
Updated · CNBC · Jun 3
Akzo Nobel Plunges 18% After Nippon Paint, Sherwin-Williams Drop €12.5 Billion Bid
2 articles · Updated · CNBC · Jun 3
Summary
Akzo Nobel shares sank 18% in early European trading after Nippon Paint and Sherwin-Williams said they were no longer pursuing a public offer.
The collapse followed AkzoNobel’s rejection of a joint cash proposal worth €73 a share, or about €12.5 billion, which it said undervalued the company and lacked sufficient deal certainty.
European equities were weaker more broadly, with the Stoxx 600 down 0.23%, as investors also assessed proposed new U.S. tariffs of up to 12.5% on 60 trading partners.
Elsewhere on the index, Inditex rose more than 5% after first-quarter sales increased 5.8% to €8.7 billion and net profit climbed 5.4% to €1.38 billion.