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Hours before shareholders meet, Akzo dumps bad news

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Hours before shareholders meet, Akzo dumps bad news

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AMSTERDAM (Reuters) – Akzo Nobel <AKZO.AS>, the Dutch company that rejected a 26.3 billion euro (24.36 billion pounds) buyout from U.S. rival PPG Industries <PPG.N> in May, on Friday lowered its 2017 financial targets and announced a revamp of how it manages the two businesses it is not selling, paints and industrial coatings. The company said it is facing cost inflation and currency headwinds and 2017 EBIT, though higher than last year, would not grow by the 100 million euros it had promised when rejecting PPG’s advances.

(Reporting by Toby Sterling; Editing by Stephen Coates)
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