Akzo Nobel NV (AKZOY)  hit a fresh record high Tuesday after media reports suggested PPG Industries (PPG) - Get Report  could make a renewed bid for the Dutch chemicals group.

AkzoNobel shares surged more than 5% and changed hands at a record high €79 each immediately after the opening bell in Amsterdam before paring gains to around 3.3% by 09:45 CET to value the group at just over €19.57 billion ($21.2 billion). Tuesday's gains extend the stock's rise since PPG's first approach on March 9 to just over 20%.

Earlier Tuesday, Bloomberg reported that PPG is prepared to make a second approach for AkzoNobel after its $22.1 billion offer was rejected in favor of strategic alternatives, including the sale of its Specialty Chemicals business, which had €4.8 billion in sales last year.  

Akzo said PPG offered to buy the Dutch chemicals group for around €83 per share, in cash and shares, a 29% premium to Akzo's March 8 closing price of €64.52 that would value Akzo at around €21 billion. 

Pittsburgh-based PPG said at the time that it continued to believe there was a strong strategic rationale for the proposed transaction, adding that it will carefully evaluate how it will proceed with the transaction.

"We believe a combination of our two companies is a very compelling strategic opportunity. We are confident that this combination is in the best interests of the stakeholders of both companies as it presents a unique opportunity to build on the successful legacies of our businesses," CEO Michael McGarry said.

The combination of would create a stronger competitor in the global market "offering a broader line of products and technologies cost-effectively to a more diverse customer base," he added.

PPG shares closed at $105.57 each in New York Monday after rising 1.03% on the session.