The Dutch company, which makes paint brands such as Dulux, has also said that the discussions would not affect the spinoff of its specialty chemicals unit. The sale of the arm—which could reportedly be valued at up to €9 billion—is on track to be completed by April, with the majority of the proceeds earmarked for company shareholders.
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During that battle, activist investor Elliott Management unsuccessfully tried to oust the company’s chairman and push through the tie-up. Dutch takeover laws now prevent PPG from launching another attempt until December.
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