AMSTERDAM — Akzo Nobel N.V. has made a non-binding proposal to acquire Finland-based coatings manufacturer Tikkurila in an all-cash offer worth approximately $1.7 billion. The offer comes after PPG announced an amended agreement to acquire Tikkurila earlier in January. AkzoNobel is offering a price of €31.25 per share, valuing Tikkurila at approximately €1.4 billion. PPG’s offer was €27.75 per share, valuing the company at approximately €1.2 billion. PPG originally announced a deal to buy Tikkurila on Dec. 18, 2020, and increased its offer on Jan. 5 after Tikkurila received a competing offer from the Danish company Hempel.

AkzoNobel stated that in order to obtain regulatory clearances, the company has agreed with Hempel on key terms for the sale of assets, including the decorative paints business of AkzoNobel in the Nordics and the Baltics, to be completed after the closing of AkzoNobel's offer for Tikkurila. AkzoNobel also announced that if the deal were to go through, the main offices and production facilities of Tikkurila in Finland would become the hub for the combined business in the Baltic Sea region, and substantial investment would be made in production facilities to supply future growth.