Akzo Nobel bid for Finnish paint company

On January 18, the Dutch paint and coating company Akzo Nobel proposed to bid for the Finnish Tikkurila Paint Company for 1.4 billion euros.

In order to obtain merger approval and ensure the certainty of the transaction between Tikkurila and its shareholders, Akzo Nobel has reached key terms for the sale of assets with Haihong Senior, including Akzo Nobel’s decorative coatings business in Northern Europe and the Baltic Sea, which will be located in Akzo Nobel. The public offer to Tikkurila will be completed.

On December 18, 2020, PPG announced that it had reached a definitive agreement with Tikkurila to acquire Tikkurila at a cash price of 25 euros per share and a total price of 1.1 billion euros. However, on January 5, 2021, PPG and Tikkurila jointly announced that the two parties have signed a new agreement to modify the previously announced merger agreement. After the amendment, PPG increased its offer for Tikkurila-the price per share was increased from 25 euros to 27.75 euros, and the total purchase price was also increased from 1.1 billion euros to 1.24 billion euros (including debt, etc.).