资料图片：阿克苏诺贝尔海外展会形象
Akzo Nobel, the owner of Dulux paint, has rejected a third takeover offer by US rival PPG Industries, leaving the door open to a hostile bid.
阿克苏诺贝尔——多乐士涂料品牌的所有者——拒绝了其美国竞争对手PPG工业发出的第三份收购要约，并打开了（被）敌意收购的大门。
The Dutch firm said the 26.9bn euro (£22.8bn) offer undervalued Akzo and showed a "lack of cultural understanding of the brand".
荷兰公司表示，269亿欧元（228亿英镑）的收购报价低估了阿克苏诺贝尔的价值，并呈现“对品牌缺乏文化层面的理解”（的状态）。
The company, which claims its own plans for growth are superior, has been urged to reject a merger by the Dutch government and its own workers.
这家主张优先考虑自身发展计划的公司，在荷兰政府和从业人员的督促下拒绝了一个合并的可能。
But some Akzo investors favour a deal.
但部分阿克苏诺贝尔的投资者更喜欢的是一份（并购）交易。
PPG said it was disappointed by Akzo Nobel's decision and would "review" the firm's response.
PPG工业表示它对阿克苏诺贝尔的决定感到失望，并将“审议”后者作出的回应。
It comes several weeks after PPG increased its offer to buy the Amsterdam-based firm for the second time as it seeks to create an industry leader in the paints and coatings sector.
在PPG工业提高对总部位于阿姆斯特丹的公司的收购报价（被拒绝）之后的几周时间，它再一次发出新的收购报价，表明其正在寻求创造一家在涂料和油漆领域的领导公司。
The US firm suggested the bid was its last friendly attempt to merge with Akzo and has not ruled out putting the matter directly to shareholders.
美国公司曾暗示这将是它最后一次发出友好地与阿克苏诺贝尔合并的意愿，而且并不排除将收购的目标直接面对后者的股东（即发起敌意收购）。
'Significant risks'
“重大的风险”
But responding on Monday, Akzo chief executive Ton Buchner said his team had conducted an "extensive review" of the bid and had again found it wanting.
然而在周一（5月8日）的回应中，阿克苏诺贝尔CEO唐博纳说他的团队已经对PPG工业的收购提议进行了一次“广泛的审议”，并再一次发现其不足之处。
"The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," he said.
“PPG工业的收购提议低估了阿克苏诺贝尔的价值，包含重大的风险和不确定性，没有对利益相关者做出实质性的承诺，以及展示出对于文化理解上的欠缺。”他说。
Akzo says its own plans for the firm - which involve spinning off its chemicals division into a separate business - would better serve shareholders.
阿克苏诺贝尔表示它自身的发展计划——包括拆分其专业化学品部门成为独立运营的业务——将能够更好地为股东服务。
It has promised to increase its dividend for 2017 by half and pay a 1bn euro special cash dividend in November.
该公司承诺将在11月将其2017年的股息增加一半，并支付10亿欧元的特别现金股息。
However, it also faces mounting pressure from some of its biggest shareholders to consider a deal, having repeatedly refused to enter talks with PPG's management.
然而，在一而再再而三地拒绝了与PPG工业管理层展开谈判之后，该公司同样面临部分希望达成交易的大股东施予的巨大压力。
Last month, the activist investor Elliot Investors also called for a vote to oust chairman Antony Burgmans - a proposal Akzo rejected.
上个月，激进投资人Elliott投资公司还要求就罢免监事会主席Antony Burgmans发起投票——这一提议被阿克苏诺贝尔驳回。
In its favour, Akzo has won political support against a tie-up, with four provincial governments having warned of its impact on jobs.
对其有利的是，阿克苏诺贝尔在反对合并这一事项上赢得了政治上的支持，荷兰4个省的政府已经就合并造成的对地方就业的影响发出警告。
The company also says that PPG would struggle to get the deal past Dutch competition regulators, which poses a risk to shareholders.
该公司同时表示，（尽管）PPG工业将努力让合并交易通过荷兰反垄断部门的审查，（但）它对股东构成风险。
As part of its latest offer, PPG offered commitments on jobs and to pay a break fee in case the deal was rejected by officials.
作为最新一份收购提议的一部分，PPG工业作出了就业上的承诺，以及表示愿意支付分手费，以防交易被官方拒绝。
In a statement on Monday, it said: "[Akzo] has once again refused to enter into a negotiation regarding a combination of the two companies, ignoring the best interests of its stakeholders, including long-term shareholders who overwhelmingly support engagement."
在周一（5月8日）的声明中，它（PPG工业）说：“（阿克苏诺贝尔）再一次拒绝就两个公司的合并进行谈判，无视其利益相关者的最大利益，包括那些倾向于支持合并的长期股东。”
Akzo Nobel shares fell more than 2% in morning trading in Amsterdam but have jumped about 30% this year.
阿克苏诺贝尔的股票在阿姆斯特丹的早盘下跌了超过2%，但今年以来它已经上涨了30%。
（英文报道来自BBC 5月8日的报道。中文编译仅为传播更多信息，仅供参考，意思以英文为准。）
