March 9, 2017 / 6:24 AM / 5 months ago

Akzo Nobel rejects PPG takeover bid, says will sell or float chemicals arm

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AMSTERDAM, March 9 (Reuters) - Akzo Nobel NV, the Dutch paints and coatings maker, said on Thursday it has rejected an unsolicited takeover bid from U.S. rival PPG Industries Inc, saying the bid "undervalued" its company.

Akzo said it was instead considering floating or selling its Specialty Chemicals business, which had 4.8 billion euros ($5.05 billion) in sales in 2016.

$1 = 0.9497 euros Reporting by Toby Sterling; Editing by Randy Fabi

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