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Shares in AkzoNobel jumped more than 14 per cent on Thursday morning after the Dutch maker of paints and coatings rejected a takeover approach from rival PPG but said it would consider spinning off its specialty chemicals business.

At publication time shares were up 14.2 per cent to €73.58, just shy of the record highs they hit in April 2015.

The company confirmed this morning that US group PPG had made an unsolicited offer valuing it at €83 per share. AkzoNobel said the bid “substantially undervalues” the company.

The company said it is “fully committed to say no to PPG”, but said it will consider “various alternative ownership structures”, including a separate listed entity, for its specialty chemicals unit, which makes ingredients for products from food to cosmetics.

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