20th March 2019

PPG ABANDONS AKZONOBEL BID

PPG has decided not to pursue its merger efforts with AkzoNobel any further at this time. It is also not pursuing the option of a hostile takeover.

In a statement, PPG chairman and CEO Michael McGarry said, "We were hopeful throughout this process that AkzoNobel’s boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future. We strongly believe a combined company would create more opportunities and provide more benefits for our collective customers, employees, shareholders and society in general.”

AkzoNobel, which has rejected three separate offers from PPG this year, is continuing with plans to spin off its Specialty Chemicals business unit from the Paint and Coatings operations.

www.akzonobel.com