The Federal Antimonopoly Service of Russia recently gave PPG regulatory approval for its offer to purchase Tikkurila, a Finnish producer and distributor of decorative paint and coatings.
The transaction is a tender offer for all shares, which expire on June 4. However, PPG expects the transaction to close on or about June 10 with all the conditions to the completion fulfilled before the expiration date.
Completion is subject to the valid tender of shares representing more than 66.7 percent of the outstanding shares of Tikkurila, shares otherwise held by PPG and its subsidiaries, and additional customary conditions to completion.
PPG now has received all required regulatory approvals. The Agency for Protection and Development of Competition of the Republic of Kazakhstan, the Ministry of Economic Affairs and Employment of Finland, and the European Commission previously approved.
Headquartered in Vantaa, Finland, Tikkurila was established in 1862. In 2020, it reported sales of approximately $710.6 million. It employs approximately 2,700 people globally and operates in eleven countries.
More than 80 percent of revenue comes from Finland, Sweden, Russia, Poland, and the Baltic states.
The company’s brands include ALCRO, Beckers, and Tikkurila. It also produces wood and protective coatings end-use segments.