PPG Industries Inc. is still eyeing a takeover of Akzo Nobel NV , preparing another bid for the Dutch paints and chemicals company after its first attempt failed earlier in March, according to Bloomberg. The financial details of a potential deal weren’t disclosed. Akzo Nobel on March 9 rejected a $22.1 billion takeover proposal from PPG, saying the offer “substantially undervalues” the company. PPG, however, called the bid an “attractive and comprehensive proposal.” A spokesperson from Akzo Nobel told MarketWatch that “we reacted to the initial proposal from PPG, but we haven’t heard anything subsequent to that.” A representative from PPG wasn’t immediately available to comment. Activist investor Elliott Management Corp., which has owned a stake in Akzo Nobel since 2016, is pushing the Dutch paint maker to engage with takeover talks with PPG, which faces local Dutch political opposition to the takeover. Shares of Akzo Nobel rose 3.3% in early Tuesday trade.
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