AMSTERDAM — Akzo Nobel N.V. recently announced it no longer intends to pursue the acquisition of Finnish coatings manufacturer Tikkurila Oyj, following a competing, higher offer. AkzoNobel had submitted a proposal to acquire Tikkurila for €31.25 per share on Jan. 28, 2021. AkzoNobel announced in a press release that despite a strong cultural fit, the intended transaction no longer meets AkzoNobel’s criteria for superior value creation.

Thierry Vanlancker, CEO of AkzoNobel, said, “We have clear priorities and criteria for capital allocation, including investing for growth, paying dividends, conducting acquisitions, and carrying out share buybacks. The intended acquisition of Tikkurila can no longer compete with more attractive opportunities to create superior value for our shareholders and other stakeholders. Executing with discipline has been key to AkzoNobel’s transformation into a company with higher profitability and strong free cash flow. This is working well for us and part of who we are.”