PPG (NYSE: PPG) has withdrawn its €26.9 billion takeover offer for Dutch paints company AkzoNobel (AEX: AKZA). The decision has come after AkzoNobel rejected three of PPG's bids over concerns about job security, clashes of corporate culture and shareholder value. The deal has also faced opposition from Dutch politicians.
For its part, AkzoNobel has come under fire from shareholders for refusing to engage in discussions. Earlier this week, however, a Dutch court rejected an attempt by activist investor Elliott Management to force an extraordinary general meeting in order to oust company chairman Antony Burgmans.