Dulux-owner AkzoNobel brushes off £19bn bid from US rival PPG amid job fears

The Dutch firm behind Dulux paints today snubbed a second unsolicited bid from US rival PPG worth $24 billion (£19 billion) as opposition mounts in the Netherlands to the takeover.

AkzoNobel, which employs 3400 in the UK and also owns DIY adhesive Polyfilla, said the American company’s higher offer failed to address its concerns about a deal, including “significant” potential job losses and a “culture gap” between the pair.

It warned that a deal, raised from $21 billion made earlier this month, would lead to asset sales due to the overlap of both companies in decorative paints and performance coatings. It said: “PPG provides no substantive commitments to employees, creating potential uncertainty for thousands of jobs worldwide.”

The company, which sponsors the annual 5K Colour Run for charity, is due to begin production at a new factory in the North-east of England and invest in a research facility nearby.

The potential takeover has echoes of Kraft Heinz’s £115 billion failed tilt at Anglo-Dutch consumer goods giant Unilever, which also sparked job fears.

Akzo’s chief executive Ton Büchner said the company was “best placed to unlock the value within our company ourselves”. He said the deal was not in the interests of Akzo’s stakeholders.