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PPG gains European approval for acquisition of Tikkurila shares

March 12/2021

MOSCOW (MRC) -- PPG Industries says it has received European Commission approval for its acquisition of Tikkurila’s shares, reported Chemweek.

The approval is “an important milestone” in the process of cementing the deal, PPG says. The tender offer for Tikkurila’s shares will expire on 15 March.

On 4 February, as MRC wrote before, Pittsburgh-based PPG announced a deal to acquire Tikkurila for USD1.82 billion after a brief bidding war with AkzoNobel. Thus, PPG raised its all-shares offer for the company to EUR34.00 per share, topping a rival bid from Akzo Nobel.

The deal is expected to close late in the first quarter or early in the second quarter of this year.

We remind that in February 2020, PPG completed its acquisition of Industria Chimica Reggiana (ICR, Reggio Emilia, Italy), a maker of automotive refinish products. Financial terms of the deal, including purchase price, were not disclosed. The deal was announced on 8 January. ICR was founded in 1961 and employs about 180 people. ICR manufactures automotive refinish products, including putties, primers, basecoats and clear coats. It also makes a range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications. ICR employs about 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the US and Latin America.

We also remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Margaret Volkova
Tags:Europe, propylene, ethylene, coatings, car components, paints and coatings, Akzo Nobel Functional Chemicals BV, PPG, Tikkurila, Italy, Russia, Finland.
Category:General News
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