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Jan. 18, 2021, 2:35 a.m. EST

AkzoNobel proposes $1.69 billion Tikkurila bid

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By Joe Hoppe

Akzo Nobel NV said Monday that it has proposed acquiring Finland's Tikkurila Oyj for 1.4 billion euros ($1.69 billion), topping an offer from New York-listed PPG Industries.

The Dutch paints and coatings company said the proposal includes an all-cash public offer at EUR31.25 a share. The price represents a premium of 113% of the Finnish paint manufacturer's undisturbed three-month volume weighted average share price and is higher than the competing offer made by PPG on Jan. 5 at EUR27.75 a share.

If successful, the acquisition would be earnings accretive in 2022, and will be financed with existing cash and credit lines, AkzoNobel said. The existing EUR300 million share buyback will also continue, the company added.

The final decision is still subject to Tikkurila's approval, but if accepted a potential offer could be announced in February and completed in 2021.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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