Dutch paints and coatings giant AkzoNobel, which rejected a proposal from Pittsburgh-based rival PPG Industries to buy it for about $24.2 billion, said on Tuesday it would hold an update for shareholders on April 19 “to outline plans for the creation of two focused businesses and enhanced long-term value creation.”
AkzoNobel has said it would prefer to sell or float its chemicals division instead of merging with PPG.
The Dutch firm has refused to talk to PPG about its cash and stock takeover proposal despite being urged to by shareholders who control up to 25% of its stock.
“This investor update follows the recent announcement to review strategic options for the separation of its specialty chemicals business,” said AkzoNobel.
“The company will provide updated financial guidance and growth plans, demonstrating the benefits of two focused businesses.
“Further details regarding the strategic options for the separation of its specialty chemicals business will be provided.”
AkzoNobel said it would also publish results for the first quarter of 2017 on April 19, adding the date had been brought forward “to shorten the close period, enabling the investor update to take place.”
AkzoNobel CEO Ton Büchner said: “We have, during recent years, achieved record performance levels for AkzoNobel in terms of profitability and a range of operational measures, generating value for shareholders.
“We are delivering on our commitments. AkzoNobel is now a leaner, more agile company with a solid financial and operational foundation and a focus on accelerating growth.
“Our new strategy will further unlock the value within the company, including the creation of two focused businesses.
“We are convinced we have a strong platform to build further on our leadership positions to deliver improved profitability and additional long-term value creation for shareholders, employees, customers, the communities where we operate and other stakeholders.
“We are best placed to deliver these plans ourselves, building on the existing momentum we have within the company. We look forward to sharing more details on our vision of the future for AkzoNobel.”