PPG Industries Inc. (PPG: Quote) announced early Friday morning that it has reached a definitive agreement to acquire the North American architectural coatings business of AkzoNobel N.V. Amsterdam, in a deal valued at $1.05 billion. The transaction is expected to close in early second quarter 2013.
PPG Industries gapped up Friday and spiked higher in early trade, before settling into a range. Shares finished with a gain of 4.72 at $129.93, with volume at a 5-month high. The stock broke out of a month and a half long range and set a new high for the year.
by RTT Staff Writer
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