THE HAGUE, Netherlands (AP) " Industrial paints and chemicals company AkzoNobel said Wednesday it plans to spin off its Specialty Chemicals unit within 12 months to boost growth and reward its shareholders. The shake-up at the Dutch multinational comes after it recently rejected two unsolicited takeover bids by American rival PPG Industries. In a move aimed at keeping shareholders happy and loyal, AkzoNobel said it will boost its dividend by 50 percent and return the "vast majority of net proceeds" from the separation of its Specialty Chemicals unit to shareholders. Last month, AkzoNobel rejected offers from PPG worth 21 billion euros and 22.4 billion euros, saying they significantly undervalued the company. Buechner said the plan to split AkzoNobel into two separate companies will generate "significant shareholder value in the short, medium and long term.

Source: New Zealand Herald April 19, 2017 08:11 UTC