April 25, 2017 / 9:27 AM / 2 years ago

Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble

AMSTERDAM (Reuters) - Dutch Economic Affairs Minister Henk Kamp repeated his opposition to a takeover of paint maker Akzo Nobel (AKZO.AS) on Tuesday, saying he did not care that U.S. rival PPG Industries (PPG.N) had raised its offer.

“Whether the offer is low or high, that doesn’t change my opinion,” Kamp said in an interview with BNR radio.

“For the Dutch (economy), it’s good that the leadership of Akzo Nobel, both the management board and the supervisory board, is planning to remain independent, and I support that.”

Akzo has said that it is studying PPG’s latest proposal, which values the company at around 26.9 billion euros ($28.8 billion).

Reporting by Toby Sterling; editing by Jason Neely

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