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Akzo Nobel rejects PPG takeover bid, says will sell or float chemicals arm

Jock Fistick/Bloomberg via Getty Images

Akzo Nobel NV, the Dutch paints and coatings maker, said on Thursday it has rejected an unsolicited takeover bid from U.S. rival PPG Industries Inc, saying the bid "undervalued" its company.

Akzo said it was instead considering floating or selling its Specialty Chemicals business, which had 4.8 billion euros ($5.05 billion) in sales in 2016.