April 19, 2017 / 1:13 PM / 2 years ago

PPG Industries says Akzo Nobel's new plan is worse for shareholders

LONDON (Reuters) - PPG Industries (PPG.N), the U.S. paints maker that has proposed a 24.6 billion euro (20.57 billion pounds) takeover of Dutch peer Akzo Nobel and been rejected, said on Wednesday it was not impressed with Akzo’s alternative strategy.

Akzo earlier on Wednesday fleshed out plans to separate and sell or float its chemicals division, and announced it would pay 1.6 billion euros in extra dividends in 2017.

In a statement, Pittsburgh-based PPG said its 90 euros per share takeover proposal would be better for shareholders, as well as employees and other stake holders.

In addition, PPG’s proposal features an “immediate cash payout far in excess of AkzoNobel’s special dividend”, the U.S. company said.

Reporting by Toby Sterling; Editing by Susan Fenton

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