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PPG in talks with Courtaulds

28 May 1998: A bidding war for one of Britain“s oldest companies was set to break out after US paints and glass group PPG Industries recently confirmed it was in talks with Courtaulds, the UK coating…

28 May 1998: A bidding war for one of Britain“s oldest companies was set to break out after US paints and glass group PPG Industries recently confirmed it was in talks with Courtaulds, the UK coatings and fibres company. PPG has reportedly teamed up in the approach with Donaldson Lufkin & Jenrette (DLJ), a US investment bank. PGG said if the talks led to an offer, it would retain the coating business and DLJ would acquire the remaining businesses. Courtaulds, which has already agreed a bid from the Dutch chemicals group Akzo Nobel, revealed a second bid approach from an unnamed third party which it said could make an offer above that of Akzo“s. Meanwhile, Akzo Nobel said it does not plan to raise its UK 1.83 billion (US$ 3.05 billion) bid for Courtaulds now that PPG International has said it would mount a rival bid. Akzo chairman Cees van Lede said that he was not concerned about PPG“s reported bid, “but I was surprised“. He refused further comment: “We must see how serious the bid is“. The directors of Courtaulds said they are continuing to unanimously recommend the acceptance of Akzo“s bid.

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