PPG Industries Inc. dropped its pursuit of paintmaking rival Akzo Nobel NV after the Dutch maker of chemicals and coatings refused to discuss last-ditch sweeteners to a $29.5 billion offer.
PPG made a final effort in recent days to bring Akzo Nobel to the negotiating table, offering in a letter to nominally increase the price and pay a 600-million-euro ($674 million) breakup fee if regulators rejected the deal, the Pittsburgh-based company said in a statement June 1. PPG said it sent the letter May 29 to Chairman Antony Burgmans because he had declined an emailed request for a five-minute phone ...
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