AkzoNobel brushes off another PPG offer

THE HAGUE: The world’s top paint and coatings maker AkzoNobel said Wednesday it had rejected a second unsolicited buyout offer from its US rival PPG Industries.

The Dutch firm said PPGI’s “proposal fails to recognise value of AkzoNobel and neglects to address significant risks and uncertainties, including extensive anti-trust concerns.” It said the revised offer was 88.72 euros per AkzoNobel share, with 56.22 euros in cash and 0.331 PPG shares.

After rejecting a first offer from PPGI, which only just trails in annual sales, AkzoNobel indicated it would review the option for its specialty chemicals business which generated 4.8 billion euros in sales last year.—AFP

Bags carry Hermes to record profit

PARIS: A jump in sales of its trademark leather bags helped Hermes push its annual profits last year above one billion euros for the first time ever, results released Wednesday showed.

The French luxury goods maker said its 2016 net profit hit 1.1bn euros ($1.2bn), a 13pc jump from the previous year but slightly less than the consensus forecast of analysts surveyed by the financial data company Factset.

The company said in February that sales had hit a record 5.2bn euros.—AFP

Amazon to buy ME online retailer Souq.com

DUBAI: Amazon.com Inc has agreed in principle to buy 100 per cent of Dubai-based online retailer Souq.com from its shareholders, sources familiar with the deal told Reuters on Wednesday.

Amazon declined to comment and a spokesperson for Souq.com did not immediately respond to a request for comment.

Goldman Sachs acted as adviser for Souq.com and helped to arrange the deal, two of the sources said.

Souq.com, which sells consumer electronics, fashion, household items and other goods, is one of the most high-profile names in the Middle East’s online shopping market.

Published in Dawn, March 23rd, 2017