Akzo Nobel unveils plan to separate chemicals arm, pay special dividend

ICI To Slash More Jobs After Profits Plummet

ICI To Slash More Jobs After Profits Plummet

Akzo Nobel AKZO.AS , the Dutch paint-maker struggling to avoid a 24.6 billion euro (20.58 billion pounds) takeover by USA rival PPG Industries Inc PPG.N , on Wednesday reported better than expected operating profit for the first quarter.

Recent developments in the back and forth between the two companies have taken a more hostile tone, with PPG CEO Michael McGarry this week appealing directly to Akzo Nobel shareholders with his rationale for the deal.

PPG has outlined $750 million in cost savings from a combination with Akzo Nobel at a time when prices for raw materials including the widely used TiO2 white pigment are on the increase.

Elliott, which has a 3.25 percent stake in Akzo and has been critical of the company management, kept up the pressure.

The move didn't seem to win over other investors either, with only one of the five shareholders who had called for an extraordinary general meeting (EGM) understood to be pleased with the offer.

IBM revenue drops after weak demand for services
BKD Wealth Advisors LLC increased its position in shares of International Business Machines Corp .by 2.5% in the first quarter. International Business Machines Corp (IBM ) has reported a 13.11 percent fall in profit for the quarter ended March 31, 2017.

Akzo, which employs around 3300 people in the United Kingdom, argued that the hostile bid contains "serious risks and uncertainties" for staff.

It disputed claims that it could save jobs, saying Akzo's record of axing 12,000 posts between 2009 to 2014 "speaks for itself".

Shares of Akzo Nobel closed Tuesday at 78.32 euros, valuing the company at nearly 20 billion euros. This values the company at 20 billion euros.

PPG Industries, the U.S. firm attempting an unsolicited and unwelcome takeover of the Dulux maker, has today published an open letter to Akzo's "stakeholders" telling them: "We will be stronger together".

The plan includes carving out AkzoNobel's specialty chemicals business within the next 12 months - leaving behind its paints and coatings business - then considering selling or listing the new company, according to a statement Wednesday.

Trump declares Georgia Democrats are 'failing'
White House press secretary Sean Spicer addresses the special election in Georgia at Wednesday's White House briefing. A little-known 30-year-old former congressional staffer, Ossoff quickly emerged as an online fundraising superstar.

Several other research analysts have also recently issued reports on the company.

Investors and analysts have largely been skeptical of whether Akzo's alternative plan can rival PPG's proposed offer of 90 euros per share in terms of value. Pittsburgh-based PPG rubbished Akzo's proposals.

With the new layout, Akzo Nobel expects to improve earnings (EBIT) in 2017 by around €100 million more than 2016.

Akzo shares nudged up 0.3 per cent, or 21 cents, to €78.50, suggesting the market - at the very least - believes the saga is far from over.

American Express profit falls 13 percent, but tops forecasts
SRB Corp now owns 2,038 shares of the company's stock valued at $144,000 after buying an additional 123 shares during the period. Want to see what other hedge funds are holding ESRX? The lender climbed 2.3 percent to $77.25 at 4:21 p.m.in NY .

Recommended News

  • Barcelona vs Juventus, Champions League

    Barcelona vs Juventus, Champions League

    The Brazilian scored Barcelona's fourth and fifth goals in the last 16 second leg, setting up the sixth too, as they won 6-1 to progress 6-5 on aggregate.
    McDonald's drive-thru pit stop leads to Facebook killer

    McDonald's drive-thru pit stop leads to Facebook killer

    Stephens claimed on Facebook that he had committed multiple homicides, but police said they had no knowledge of other victims. State police say Steve Stephens was spotted Tuesday morning by state police in Erie County, in the state's northwest corner.
    Mourinho points to Rashford as example for struggling Martial

    Mourinho points to Rashford as example for struggling Martial

    This season has been the most regular one for me at the club and that is with Mourinho on the bench", he said . "He can help us". The same way I know the players so much better now, the players should know me also much better now.
  • Watch NBA Game 2 Online, Team News

    Watch NBA Game 2 Online, Team News

    Oladipo shot 1-for-12 from the field for six points while missing all four of his shots from behind the arc. He averaged a triple double for the season - 31.9 points, 10.7 rebounds and 10.4 assists over 80 games.

    Jeremy Corbyn defends `credible´ policies amid grilling on poll ratings

    By reducing inheritance tax we would reverse that and this would be sufficient to pay for this. Corbyn also praised Prince Harry for speaking publicly about mental health issues.
    Bozak's OT goal gives Maple Leafs series lead over Capitals

    Bozak's OT goal gives Maple Leafs series lead over Capitals

    He was said to be fairly upbeat even though usual defence partner Matt Hunwick acknowledged: "I know he's pretty devastated". He pointed to 160-pound Mitch Marner's penchant for finishing checks and Matthews responding in kind when he gets hit.
  • Captain Marvel film 'to be directed by indie film-makers Boden and Fleck'

    Captain Marvel film 'to be directed by indie film-makers Boden and Fleck'

    Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. Thankfully, at the very least, they have a terrific actress in the lead role with Oscar-winner Brie Larson .
    Missouri auditor issues subpoena to revenue department

    Missouri auditor issues subpoena to revenue department

    Galloway claims she's been stonewalled by Greitens on at least one other occasion since he took office in January. Galloway couldn't say what specifically the state is looking for, or what complaints prompted the petition.
    Anthony Johnson announces surprise retirement after UFC 210 loss

    Anthony Johnson announces surprise retirement after UFC 210 loss

    After stuffing yet another Johnson takedown attempt, Cormier wrestled him back down to the canvas and took Johnson's back easily . He has found consistent success in the cage as well, entering UFC 210 with a 12-1 record in the cage over the last five years.
  • Largest Mideast airline cuts US flights after Trump administration curbs

    Largest Mideast airline cuts US flights after Trump administration curbs

    Despite both bans being blocked by U.S. judges, large numbers of people have been deterred from traveling to the US. A reduction in Emirates flights to Boston, Los Angles, and Seattle, from twice daily to once daily.
    Heated Congressional Race In Georgia Heads To Runoff

    Heated Congressional Race In Georgia Heads To Runoff

    The victor will succeed Republican Tom Price, who resigned the seat to join Trump's administration as health secretary. A voter leaves a polling site after casting a ballot in a special election in Marietta, Ga., Tuesday, April 18, 2017 .
    Confident Bulls aim to take 2-0 lead over Celtics

    Confident Bulls aim to take 2-0 lead over Celtics

    Rajon Rondo built a reputation in Boston as a player who consistently raised his level of play come playoff time. Said Rondo: "For the playoffs, for me in particular, you get a couple extra days of rest for the body".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.