Tag Archives: PPG

Akzo Nobel Spinoff Of Specialty Chemicals Moving Forward After Settlement With Elliott Management

It’s been a rough year for Akzo Nobel(AKZOY).  First, Elliott Management got involved. The activist fund was pushing for a breakup of the Dutch chemicals company. However, when US rival PPG(PPG) showed up with an offer to buy the whole company, Elliott began pushing the offer over management’s resistance. AkzoNobel was successfully able to leverage Dutch protectionism to… Read More »

AkzoNobel(AKZOY) Exploring Specialty Chemicals Spinoff To Defend Against PPG Takeover

AkzoNobel (AKZOY), the Dutch chemicals company, has today announced a review of strategic options for its Speciality Chemicals business. The review comes in response to an unsolicited takeover approach from US rival PPG (PPG) to acquire AZKOY at €83 per share (€54 in cash and 0.3 PPG shares), representing a 29% premium to yesterday’s close. PPG has yet… Read More »

Georgia (Gulf) On My Mind, Or Is It Axiall?: Investors Sing An Old Sweet Song as An Exchange Offer Brings Profits, New Name

The trend towards tax-efficient divestitures continues with Axiall (AXLL) – previously called Georgia Gulf Corporation – obtaining PPG’s (PPG) former commodity chemicals business using a Reverse Morris Trust.  The trend of using Reverse Morris Trusts to ‘sell’ divisions has been previously reported by Stock Spinoffs here. In the transaction, PPG created a short-lived spinoff, Eagle Spinco, and allowed… Read More »