AMSTERDAM Henderson Global Investors, a shareholder in Akzo Nobel (AKZO.AS), has called on the Dutch paint maker's management to engage in takeover discussions with U.S. rival PPG Industries (PPG.N).
On Thursday Akzo Nobel rejected a $22 billion takeover offer from PPG, saying it wasn't in stakeholder interests and that it would prefer to sell its speciality chemicals business.
Henderson Global, which holds a stake worth more than 150 million euros in Akzo, said it wanted the companies to take a more constructive approach.
"Regarding Akzo’s rejection of PPG’s offer, we would like to urge the management of Akzo Nobel to engage with their counterparts at PPG," said John Bennett, head of European equities at Henderson.
"We would also encourage PPG’s management to talk with Akzo shareholders to allow us to assess the merits of this initial proposal."
PPG said it is considering its options and may rebid, despite opposition from Dutch politicians to the deal ahead of a national election next week.
(Reporting by Toby Sterling; editing by Jason Neely)