PPG Industries (PPG - Get Report) has walked away from a potential $29 billion takeover bid for chemicals group AkzoNobel NV (AKZOY) , the company said Thursday, after failing to convince a Dutch court to force a shareholder vote to oust its chairman.

"We were hopeful throughout this process that AkzoNobel's Boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future," said CEO Mike McGarry. "We strongly believe a combined company would create more opportunities and provide more benefits for our collective customers, employees, shareholders and society in general."

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PPG Walks Away From Potential $29 Billion Takeover of AkzoNobel

This article was written by a staff member of TheStreet.