AkzoNobel unveils new strategy to accelerate growth

Dutch chemicals company AkzoNobel, in its bid to fend off a hostile takeover proposal from Pittsburgh-based PPG Industries, has outlined a new strategy to accelerate growth and value creation with two focused, high-performing businesses - paints & coatings and specialty chemicals. 

The company has put in place project teams to carry out separation of specialty chemicals business within 12 months. The vast majority of net proceeds from the separation of specialty chemicals will be returned to shareholders, with € 1 billion to be paid as special dividend in November - reflecting confidence in the planned separation.

“The industry-leading performance and outlook of