AkzoNobel rejects second takeover bid by PPG Industries

Industrial paints and chemicals company AkzoNobel has rejected a second unsolicited takeover bid from U.S. company PPG Industries worth 22.4 billion euros ($24.1 billion).

AkzoNobel CEO Ton Buechner said in a statement Wednesday that the bid "significantly fails to recognize the value of AkzoNobel" and is not in the interest of the company, its shareholders or its staff.

The latest bid, which was unanimously rejected by AkzoNobel's board, comes just under two weeks after PPG made its first unsolicited offer, worth 21 billion euros.

Buechner says, "We are convinced that AkzoNobel is best placed to unlock the value within our company ourselves."

The first bid spurred AkzoNobel to reassess its business model and investigate the possible sale or independent listing of its specialty chemicals business.