September 8, 2017 / 5:31 AM / 19 days ago

Hours before shareholders meet, Akzo dumps bad news

AMSTERDAM, Sept 8 (Reuters) - Akzo Nobel, the Dutch company that rejected a 26.3 billion euro ($32 billion) buyout from U.S. rival PPG Industries in May, on Friday lowered its 2017 financial targets and announced a revamp of how it manages the two businesses it is not selling, paints and industrial coatings.

The company said it is facing cost inflation and currency headwinds and 2017 EBIT, though higher than last year, would not grow by the 100 million euros it had promised when rejecting PPG’s advances.

$1 = 0.8277 euros Reporting by Toby Sterling; Editing by Stephen Coates

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