Dulux Maker's Stock Soars 20%
AkzoNobel shares jumped after rejecting a takeover bid, while European stocks edged higher.
European stocks rose slightly on Wednesday, with the pan-European Stoxx 600 up 0.1%. AkzoNobel shares soared 20% after the company rejected a joint cash takeover offer from Nippon Paint and Sherwin-Williams.
Market Overview
The Iran war remains a focal point for European markets, with regional stocks edging lower on Tuesday after U.S. forces carried out strikes in southern Iran. U.S. Secretary of State Marco Rubio said that the Strait of Hormuz will have to be opened 'one way or the other.'
AkzoNobel Takeover Bid
AkzoNobel rejected a joint cash takeover offer from Nippon Paint and Sherwin-Williams worth 73 euros ($85) per share. The company's board 'unanimously' continues to recommend a planned merger with Axalta instead, stating that the offer 'did not come close' to adequately reflecting its value and long-term prospects.
Other Market News
Europe's autos sector closed 2.6% higher on Wednesday, boosted by a 5.1% year-on-year rise in new car registrations in the European Union. Oil prices bounced off their lows, with global benchmark Brent crude futures last seen trading 3.4% lower at $96.17 a barrel.
Key points
- AkzoNobel shares soared 20% after rejecting a joint cash takeover offer from Nippon Paint and Sherwin-Williams
- The offer was worth 73 euros ($85) per share
- The pan-European Stoxx 600 inched up 0.1% on Wednesday
- Europe's autos sector closed 2.6% higher on Wednesday
- Oil prices were down, with Brent crude futures at $96.17 a barrel and U.S. West Texas Intermediate oil futures at $90.40 per barrel
This article was independently rewritten by ManyPress editorial AI from reporting originally published by CNBC.
