In early March, U.S. paint maker PPG Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel boss Ton Buechner for lunch.
There, the 59-year-old American ambushed Buechner with a takeover plan and price tag that his company had been working on for months, a source familiar with the talks told Reuters.
Rather than spark a discussion, McGarry's bold move at their March 2 meeting triggered a hard-nosed response.
"He was brutal in his approach and Akzo decided to respond in the same aggressive way," said the source.
The offer was rebuffed on March 9. Akzo said the proposal was "not in the interests of its employees" and the firm would pursue different plans to sell its speciality chemicals business.
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