June 1, 2017 / 9:40 AM / 4 months ago

PPG ends quest to buy Akzo Nobel for at least six months

AMSTERDAM, June 1 (Reuters) - U.S. paints and coatings maker PPG Industries will not launch a formal bid for Dutch peer Akzo Nobel after repeated informal offers were rejected, it said on Thursday.

Under Dutch securities rules, PPG may not approach Akzo again during a six month cool-down period.

PPG had proposed a takeover deal worth about 26.3 billion euros ($29.5 billion), or 95 euros per share. Akzo shares were trading up 0.4 percent at 74.84 euro shortly before PPG made its announcement. ($1 = 0.8909 euros) (Reporting by Toby Sterling; Editing by David Goodman)

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