PPG Industries, Inc. (PPG Quick QuotePPG - Free Report) recently announced that it has received regulatory approval from the Federal Antimonopoly Service of Russia for the completion of its tender offer for all shares of Tikkurila.

The tender offer will expire on Jun 4, 2021. PPG Industries expects to complete the tender offer and close the transaction on or about Jun 10, 2021. With this approval, the company received all required regulatory clearances to complete the tender offer.

The approval on the tender offer has been granted by the European Commission, the Ministry of Economic Affairs and Employment of Finland, and the Agency for Protection and Development of Competition of the Republic of Kazakhstan. The European Commission’s merger control approval applies without conditions in the European Union, including Poland.

The completion of the tender offer is subject to the valid tender of shares, together with shares otherwise held by PPG Industries and its subsidiaries, representing more than 66.7% of the outstanding shares of Tikkurila as well as additional customary conditions.

PPG Industries anticipates that all conditions to the completion of the tender offer will be satisfied at the tender offer expiration date of Jun 4, 2021.

Shares of PPG Industries have rallied 85.5% in the past year compared with 67.3% rise of the industry.

PPG Industries, in its last earnings call, stated that it expects overall global coatings demand to continue to be broad-based in many of its end-use markets, including an eventual replenishment of many of its customers’ inventories.

The company also expects to achieve further sales growth and earnings accretion from its recent acquisitions. It expects sequential net sales to rise a low-teen percentage in the second quarter compared with first-quarter levels and in line with historical pre-pandemic sequential quarterly changes.

PPG Industries also expects structural cost savings from restructuring actions of roughly $30 million year over year in the second quarter. The company also sees adjusted earnings for the second quarter to be $2.15 -$2.2 per share.

Zacks Rank & Other Key Picks

PPG Industries currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Dow Inc. (DOW Quick QuoteDOW - Free Report) , Celanese Corp. (CE Quick QuoteCE - Free Report) and Cabot Corp. (CBT Quick QuoteCBT - Free Report) .

Dow has a projected earnings growth rate of roughly 261.5% for the current year. The company’s shares have surged 90.6% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Celanese has an expected earnings growth rate of around 68.3% for the current year. The company’s shares have gained 92% in the past year. It currently sports a Zacks Rank #1.

Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have surged 83.1% in the past year. It currently flaunts a Zacks Rank #1.

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