AkzoNobel rejects a $22 billion bid from PPG Industries despite notable consolidation in the chemicals industry, according to an article from MarketWatch. AkzoNobel is also reportedly exploring selling off its specialty chemicals division, spurred by PPG’s unsolicited offer.

According to MarketWatch, AkzoNobel said PPG’s offer significantly undervalues the company and it was unanimously rejected by the company’s board. PPG’s bid was reportedly a strategic response to the pending closing of a deal by rival Sherwin-Williams for Valspar Corp. PPG continues to believe in the rationale for the transaction and is considering next steps, according to the article.

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