Paint and coatings specialist AkzoNobel has rejected a third unsolicited takeover bid from PPG Industries thought to be worth $28.8 billion. The Dutch company said the approach by its US rival was not in the interests of shareholders.

A statement by AkzoNobel CEO Ton Buchner said, "The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding,"

AkzoNobel’s board believe the groups own plan, announced last month, to spin off its Specialty Chemicals unit within 12 months to boost growth is the best way forward and offers a superior route to growth and long-term value creation in the best interests of shareholders and all other stakeholders.