BOSSES behind a coatings firm say they are ready to “catch the wind in our sales” after fending off a £22.7bn takeover bid.

AkzoNobel officials yesterday (Tuesday, June 13) moved to reassure investors over the business’ long-term potential following a protracted pursuit by PPG Industries.

The latter walked away from a deal at the start of the month, claiming Gateshead-based Akzo- Nobel had failed to see the merits of its “compelling proposal”, which left some shareholders unhappy.

Now, AkzoNobel, which long argued PPG’s overtures displayed “a lack of cultural understanding”

and could have caused job losses, has vowed to spend £880m on innovation by 2020 and push ahead with plans to sell or spin-off its chemicals business by April next year.

AkzoNobel is already putting £11m into bringing together more than 100 scientists at its base in Felling, Gateshead, who will work on products to protect steel and concrete structures from corrosion, abrasion and fire, and Ton Büchner, chief executive, said it was time to leave PPG’s approaches behind.

Speaking to investors, Mr Büchner said: “AkzoNobel is on a new heading and now is the time to catch the wind in our sails and continue to build on the progress we have been making.

“We are creating two businesses; paints and coatings and specialty chemicals.

“By separating speciality chemicals by April 2018, we will allow it to achieve its full potential.

“A leader in most of its markets, the business is poised for a step change in growth.

“Meanwhile, our world-leading paints and coatings will be better positioned to strengthen our global presence and enable us grow faster than relevant markets.

“It is a new course, which will deliver a step change in growth and further enhance profitability.

“We are confident it will deliver.”

PPG, which runs a plant overseeing aerospace sealants and coatings in Shildon, County Durham, had made three bids for Dulux maker AkzoNobel, the latter worth £22.7bn, which were all rejected.

It was previously left frustrated when the Dutch Authority for the Financial Markets ruled against extending a deadline for any bid, whereupon Michael McGarry, chairman and chief executive, accused AkzoNobel of being blind to the possibilities a tie-up could have delivered.

He said: “We were hopeful Akzo- Nobel would see the merits of our compelling proposal. We strongly believe a combined company would create more opportunities and provide more benefits.”

Activist investor Elliott Advisors was also left upset at AkzoNobel’s stance during PPG’s attempted takeover.

However, its plans to hold an emergency general meeting, which could have seen the removal of AkzoNobel supervisory board chairman Antony Burgmans, were spurned by the Dutch Enterprise Chamber.