Dutch MPs from across the political spectrum moved quickly to criticise the approach to buy Akzo Nobel – an attempt that emerged in the middle of an extremely tight election campaign.
The Dutch company rejected PPG’s unsolicited offer, sending its shares up by 13 per cent.
The minister for economic affairs Henk Kamp led the charge, stating that the bid was “not in the Dutch interest”.
Labour MP Henk Nijboer said his party were “concerned” by the move. “Akzo is a company that has had roots for more than 200 years in Dutch society and culture,” he said.
It comes just weeks after Kraft Heinz launched a surprise bid for Anglo-Dutch giant Unilever, which shocked both the Dutch business community and the country’s politicians.
Pieter Omtzigt, a prominent MP with the centre right Christian Democratic Alliance, called for the government to consider legislation to make it easier for Dutch companies to repel unwanted bids.