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THE HAGUE air jordan 6 wheat golden harvest , June 1 (Xinhua) -- The announcement of United States based paints, coating and chemicals group PPG Industries to stop pursuing an offer for AkzoNobel, has been perceived with satisfaction by the board of the Dutch paints, coating and chemicals giant on Thursday.
The Dutch company announced to continue with its plan presented on April 19 to split into two businesses air jordan 6 retro wheat , with the Specialty Chemicals part being separated from the Paints and Coatings company. "We believe this will lead to a step change in growth and long-term value creation for our shareholders and all other stakeholders," reacted Ton Buchner, AkzoNobel CEO, in a press release.
Earlier on Thursday PPG announced the decision to withdraw its proposal to take over its Dutch rival and will not pursue another public offer for all the issued and outstanding shares of AkzoNobel. Amsterdam stock exchange watchdog AFM had set a deadline of June 1 for making a new bid for its Dutch rival. According to AFM rules it can now not issue another bid for a period of six months.
"We were hopeful throughout this process that AkzoNobel's boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future air jordan 6 wheat pre order ," said Michael McGarry, PPG CEO, in a press release.
"We made a final attempt for engagement late last week and through a letter to AkzoNobel," McGarry added. "However air jordan 6 wheat shoes , AkzoNobel's boards have consistently refused to engage and did not respond to our call or letter. As a result, we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time."
With the withdrawal a period of three months in which PPG offered for AkzoNobel came to an end, at least for six months. The U.S. company made first bids of 20.9 billion euros (23.47 billion U.S. dollars) and 22.4 billion euros in March this year, followed by a third and last bid of 26.9 billion euros (29.4 billion U.S dollars) in late April.
According to an earlier statement by AkzoNobel the offers "undervalue AkzoNobel air jordan 6 wheat for sale , fail to provide appropriate value to AkzoNobel shareholders and do not reflect AkzoNobel's current and future value". It refused to negotiate on the offers, to the annoyance of some shareholders. (1 euro = 1.11 dollars)
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