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AMSTERDAM, Jan 18 (Reuters) – Dutch paints and coatings maker Akzo Nobel on Monday entered the race to buy Finnish peer Tikkurila with an offer 13% higher than an increased bid from U.S. rival PPG Industries made this month.
Akzo said it was willing to pay 31.25 euros per outstanding share, valuing Tikkurila at 1.4 billion euros ($1.69 billion), versus the 27.75 euros offered by PPG two weeks ago.
Akzo invited Tikkurila’s board to enter negotiations on the offer, even though the Finnish company earlier agreed to PPG’s deal.
Tikkurila could not be immediately reached for comment.
Akzo said in order to obtain regulatory approval for the deal, it would sell its decorative paints business in the Nordics and Baltics after closing.
“Our complementary geographic profiles would create superior value compared to any other combination,” Akzo CEO Thierry Vanlancker said.
PPG in 2017 attempted to acquire Akzo but eventually dropped its $26.5 billion offer after repeated rejections from the company, legal defeats and hostility from Dutch politicians.
$1 = 0.8281 euros Reporting by Bart Meijer and Tarmo Virki; editing by Edmund Blair and Jason Neely