SigmaKalon have confirmed that US firm PPG Industries has made an offer to buy the company from current owners Bain Capital. Meanwhile Akzo Nobel is expected to make a third bid for ICI this week.
The PPG offer, said to be £1.5bn ($3.3bn), was announced last week. A spokesperson for SigmaKalon said the company could not comment “in any way on the offer from PPG,” apart from to confirm the offer had been made.
However, they added that the company “are extremely happy with this exciting opportunity and are proud to be able to contribute their business, values, people and their successes towards the creation and the subsequent development of what would be the largest coatings company in the world.”
Meanwhile, The British Takeover Panel has given Akzo Nobel until August 9 to finalise terms of its proposed takeover of ICI. Akzo Nobel are expected to make a third offer for the company this week at around 670p per share, valuing the company at around £8bn.