AMSTERDAM, March 23 Causeway Capital, the
largest holder of shares in Dutch paints maker Akzo Nobel
on Thursday urged the company to engage in takeover
talks with U.S. suitor PPG Industries.
Akzo Nobel on Wednesday rejected an improved 22.4 billion
euro takeover offer from PPG, citing cultural differences and an
In an open letter to Akzo's boards, Causeway said a
combination of the two companies makes sense.
"While we support management's view that the current bid for
Akzo Nobel of 90 euros per share is inadequate, we believe the
bid is at a level where management should now engage in
discussions with PPG," Causeway President Harry Hartford and CEO
Sarah Ketterer wrote.
(Reporting by Toby Sterling; Editing by Alexander Smith)