Valspar good fit for Akzo, PPG - Deutsche

20 March 2007 16:30  [Source: ICIS news]

TORONTO (ICIS news)--US coatings maker Valspar would be a good fit for Akzo or PPG, companies that are pursuing acquisitions in the coatings sector, Deutsche Bank said on Tuesday.

 

Deutsche upgraded Valspar’s shares from hold to buy and raised its price target for the stock by $5 to $34. The shares were priced at $28.60/share, up 7.72%, in Tuesday morning trading in New York.

 

Deutsche believes that Valspar’s balanced portfolio of architectural, industrial and packaging coatings, its strong presence in China and its low-cost manufacturing base would be an excellent fit for either Akzo or PPG, it said.

 

Following the sale last week of its pharmaceuticals business, Akzo has estimated net cash proceeds of $13.7bn (€10.3bn) it could use for acquisitions, Deutsche said.

 

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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