2021-10-24
http://w3.windfair.net/wind-energy/news/36761-akzonobel-tikkurila-acquisition-grow-deliver-strategy-intention-cultural-fit-growth

AkzoNobel and Tikkurila: Deal Is Off

Image: PixabayImage: Pixabay
AkzoNobel no longer intends to acquire Tikkurila and continues to focus on its own Grow & Deliver strategy

Official Press Release Akzo Nobel:

AkzoNobel no longer intends to acquire Tikkurila and continues to focus on Grow & Deliver strategy

Wind Industry Profile of
AkzoNobel no longer intends to acquire Tikkurila and continues to focus on Grow & Deliver strategy

Akzo Nobel N.V. submitted a binding proposal to acquire Tikkurila for €31.25 per share on January 28, 2021, having conducted customary due diligence to confirm potential synergies. The company no longer intends to pursue this acquisition, following a competing, higher, offer for Tikkurila. Despite a strong cultural fit – and more synergies than any other combination with Tikkurila – the intended transaction no longer meets AkzoNobel’s criteria for superior value creation.

Thierry Vanlancker, CEO of AkzoNobel, commented: “We have clear priorities and criteria for capital allocation, including investing for growth, paying dividends, conducting acquisitions, and carrying out share buybacks. The intended acquisition of Tikkurila can no longer compete with more attractive... ... More: Official Press Release Akzo Nobel

Keywords:
AkzoNobel, Tikkurila, acquisition, Grow & Deliver Strategy, intention, cultural fit, growth







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