Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, June 30, 2014

U.S. chemicals maker PPG to purchase Mexico's Comex for $2.3 bln, (NYSE: PPG)

Paints maker Consorcio Comex SA de CV agreed to be acquired by chemicals maker PPG Industries Inc for $2.3 billion, after the Mexican company's deal with U.S. rival Sherwin-Williams Co fell through earlier this year.PPG's shares rose 3 percent after the announcement of the deal, which will help the company expand its paints offering in Mexico and Central America.Mexico's federal competition watchdog rejected Sherwin-Williams' proposed $2.34 billion offer takeover of Comex twice last year, saying it would create unfair market conditions.Comex, a family-owned company founded in 1952, said in May it was suing Sherwin-Williams because it had not tried hard enough to honor the deal.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Shares of PPG traded higher by 3.0% or $6.13/share to $210.18. In the past year, the shares have traded as low as $144.58 and as high as $205.92. On average, 640527 shares of PPG exchange hands on a given day and today's volume is recorded at 375714.