PPG today reported that it has gotten regulatory approval from the Federal Antimonopoly Service of Russia for the finishing of its tender offer for the entirety of the shares of Tikkurila.
The approval has provided PPG with all necessary regulatory approvals for consummation of the tender offer and has reported that the tender offer will terminate on June 4, 2021. PPG hopes to finish the tender offer and close the transaction approximately June 10, 2021. As recently declared, the European Commission, the Ministry of Economic Affairs and Employment of Finland, and the Agency for Protection and Development of Competition of the Republic of Kazakhstan have each allowed approval of the tender offer. The EC’s merger control approval applies without conditions across the European Union, including Poland.
Culmination of the tender offer remaining parts subject to the substantial tender of shares addressing, along with shares in any case held by PPG and its subsidiaries, over 66.7% of the exceptional shares of Tikkurila, and extra standard conditions to consummation. PPG anticipates that that all conditions should the finishing of the tender offer will be satisfied at the tender offer expiration date of June 4, 2021. Further details about the tender offer are contained in the attached Nasdaq Helsinki stock exchange release.
