PPG Industries  (PPG) dismissed Dutch takeover target Akzo Nobel's  (AKZOY) proposal to offer shareholders an alternative to its U.S. counterpart's takeover bid Wednesday. 

Akzo had proposed a plan that would separate its chemical business and pay shareholders $1.7 billion in extra dividends this year instead of accepting PPG's $26.4 billion takeover bid. 

However, PPG countered by saying that its proposal would provide shareholders with an immediate cash payout that far exceeds Akzo's proposal.

"This strategy will create substantial value for shareholders with significantly less risks and uncertainties compared to alternatives," said Akzo Chief Executive Ton Buechner.

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