Akzo Nobel Sinks 19% After €12.5 Billion Bid Collapses
Updated
Updated · CNBC · Jun 3
Akzo Nobel Sinks 19% After €12.5 Billion Bid Collapses
2 articles · Updated · CNBC · Jun 3
Summary
Akzo Nobel fell 19% in London trading after Nippon Paint and Sherwin-Williams said they were no longer pursuing a public offer.
The abandoned approach had valued the Dulux owner at €73 a share, or about €12.5 billion, but AkzoNobel had rejected it as undervaluing the business and offering too little deal certainty.
European equities were weaker more broadly, with the Stoxx 600 down 0.4% and Germany's Dax off 1% as investors assessed proposed new U.S. tariffs.
U.S. trade officials floated duties of up to 12.5% on 60 trading partners over forced-labor concerns, drawing an EU response that called the rationale unjustified.