. >>> akzo nobel rejected elliott advisers call for it to carry out a management overhaul. the dutch chemicals firm says it will throw out the proposal to dismiss anthony burgmans as chairman of the advisory board. they will still hold a shareholder meeting to discuss the process. akzo nobel said elliott advisers passed on price sensitive information about its calls to u.s. rival ppg. elliott said akzo's board was acting in a self entrenching and destructive manner and failing in its duty to shareholders. i think you have had these two takeover bids rejected by akzo nobel since march rejected by ppg, the last one 22 billion. 5:so saying it undervakzo sayin the company and it rubbed elliott advisers the wrong way. >> they're clearly aggressive, they wanted this deal to go there. akzonobel said this significantly undervalues the firm. the question is will ppg come back with a sweetened offer or will they go hostile? that's the big question mark out there. it's also worth noting that shareholders, i read analysis about this previously when the second offer was rejected, shareh

well, it's once again sweetening the unsolicited offer to buy akzo nobel.his time up to $28.8 billion in cash and stock and they did increase the cash portion by four euros. akzo nobel says it will review and consider the proposal. let's talk about both deals. let's start off with the deal itself this morning. becton dickinson, actually it was yesterday, about 5:00. roomed into my -- rolled into my e-mail. about 223 in cash. they're leveraging themselves up to 4.7 times. that's an inconsiderable amount of leverage on the balance sheet. they're using stock. they won't need a vote. they're not issuing more than 20% of their stock. about 15% or so. some people see the fit and other analysts say, well, there's some fit, but not cleat. it's accretive. there's some cost savings and i'll be curious to see how the stock price reacts this morning. >> look, i think the combination is great because you're shipping to hospitals and bard has an amazing, amazing catheter franchise that fits in well with the general suite of product. the hospitals have wanted over and ove

its chemicals arm and paying investors a dividend, this among pressure from elliott management for akzoo consider a take overbid from ppg. the dutch firm also reported record profitability in the quarter. gemma joins us now. i see what they're trying to do. they're trying to get shareholders on their side to rebuff the order from ppg. >> we have concrete numbers here. 1 billion euro special dividend and a boost to the regular dividend as well weighk that against ppg's offer. the other number we have to factor in here is how much will shareholders get back from the separation of the chemicals business. this is where there's a lot of opaqueness still. we don't know how they intend to proceed with this. they say they're running a dual track process. it could be a de-merger which could not create value, or an ipo which could create value to shareholde shareholders. that's a big unknown here. pending execution risks, yes, clearly a lot of risk inherent carrying out an acquisition on ppg's part, americmerging who companies with different cultures, backgrounds and business spaces, but also a l

akzo says it will quote/unquote carefully review and consider the company's proposal. going on here, of course. green across the board, carl. back over to you. >> a lot of news. thank you. >>> when we come back, a street apple analyst with a call to worry some investors. "squawk alley" continues in a moment. and the wolf huffed and puffed... like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you ha

mark: akzo is to explore the sale of a chemicals business within 12 months, as it looks to fend off theergy. at the same time, the largest paint maker in europe returning to its shareholders in this year. they are forecasting their third straight year of record profit. >> do think this new plan you unveiled today is going to satisfy shareholders? that they will no longer be calling for you to go to ppg and accept their offer? >> these are two companies that have distinct differences in the way that they work. the specialty chemical business is an asset intensive and relatively people light business, where the paint and coaching business is asset business is asset light. these two dynamics can actually drive growth and operational excellence more efficiently, and therefore breaking these two into different focused companies has a value increasing affect, as you have already seen in some of the effects on the share climbs. ♪ julie: online brokerage td ameritrade maintaining its earnings forecast for the year, despite cutting their trading commission. so the scottrade purchase scheduled to

. >>> akzo nobel is reporting elliott advisers and soutui sui industries for releasing information. 5o up about 0.4%. >>> tesco's profits beating full-year forecasts. the uk grocer trying to get investors to back its plan to buy wholesaler booker. shares down 3.5%. >>> procter kand g& gamble incr its dividend by 3%. shares flat on the day. activist investor john paulson is set to leave the aig board. the ft says the departure, being finalized this week, is expected to be announced in a shareholder proxy statement in the next few days. paulson was given a seat along with carl icahn about a year ago as aig tried to avoid a public fight. paulson was not successful in his call to break the life business off from property and casualty arm. >>> coming up here on "worldwide exchange," secretary of state rex tillerson in moscow right now meeting with russian foreign minister. a live report from there next. as we head to break, a look at where european equities are trading at this hour. it's green across the screen. you're watching "worldwide exchange" on cnbc. change" on cn. . >>> welcome bac

akzo laying out a plan to separate out the chemicals business and pay share holders 1.6 billion euros> adidas is sending out an apology for sending out an e-mail congratulating boston marathon runners who survived monday's race. they said the e-mail was insensitive given three people were killed in the boston marathon bombing back there 2013. one person on twitter said dear adidas, i love you, but you need to talk to whoever is going your e-mail marketing. another corporate blunder. >> corporate blunder, insensitive, but not a calculated -- >> not a united style debacle. >>> the top stories are coming up in a round up of the global markets. plus remember when facebook bought that technology from oculus? you will never guess what they're doing with the technology. financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels, synchrony financial can help you get there. >>> good morning. banks on deck, morgan stanley, u.s. bancorp out w

ppg raising its offer for akzo nobel. that's higher than the march 2nd proposal. gas prices up three cents over the past two weeks which puts the average price of unleaded regular gasoline at $2.46. it's about 28 cents higher than a year ago. >>> when we return, congressman patrick meehan on the issues that matter most to your country. a lot of things coming up and a possible government shutdown. >>> and adam grant on the book he co-authored with sheryl sandberg. >>> and dr. david dao's lawyer will speak to "squawk box" about his client's case against united. stay tuned, you are watching "squawk box" on cnbc. ♪ for decades, investors have used a 60/40 stock and bond model, with little in alternatives. yet alternatives can tap opportunities that traditional assets can't. and even though they're called alternatives, they're actually designed to help meet very traditional goals. that's why invesco believes people should look past conventional models and make alternatives a core part of their portfolios. translation? goodbye 60/40, hello 50/30/20. ♪ at crowne plaza we

that's the main focus here of what akzo is talking about.re trying to keep off an unsolicited approach by ppg. we have heard your plan, and the merits of combining the two companies are much better because the new plan is risky and creates new uncertainty for the employees and the shareholders. >> going elliott on me? >> no, i'm not going elliott. >> really? wow. because i was going arconic. >> go ahead. >> shocking. >> you were here in spirit -- >> well -- >> we dealt with what was the shocking news. >> they were going to win that proxy. now it's up to the -- obviously to the charitable trust that owns arconic. but here's the issue, blackrock, will will they vote? blackrock i thought they had a good quarter, but not enough. how will the index funds vote. we don't know. >> you raised the key question. in any of the proxy fights the ownership level of the passive funds is enormous and only growing. what did van guard take in last year, $1 trillion. >> a trillion dollars. >> a trillion dollars. incredible. >> so at some point -- you're talking

m&a, akzo potential nobel is considering the third attempt of a deal by ppg companies, the bid at $28.8ation and will present a significant breakup fee as the ceo offers to split off the company and pay a special dividend. thank you. in france, the epicenter of today's risk rally, emmanuel macron will face-off against marine le pen for the french presidency next month. our the latest is correspondent from paris. talk to me about the next two weeks. >> we are starting to get some details from marine le pen and .mmanuel macron marine le pen will be on national television tonight and tomorrow, then do her first rally in nice. emmanuel macron is gathering his troops today to decide on what will happen how he will manage like we saw inrt 2002 when marine le pen's father was in the runoff. chirac had, jacque warned against le pen. jonathan: some novelty around these polls. we believe them again. talk to me about how important it will be for the second round as well. >> the snap polls at the moment show clear advantage for , probably more than 60% for the independent candidate, 30% to 35% for

earlier, accel reported earnings -- akzo reported in earnings jump, beating analyst estimates. >> these dynamics at standalone companies can drive growth more efficiently, and therefore breaking these tw into , focused companies has a value-increasing effect, as you have already seen in the share price. nejra: luxury retailer barberry's quarterly sales missed estimates as decline in the americas region countered gains in mainland china. fourth quarter retail revenue rose 2%. the u.k.-based company said it is maintaining its forecast for adjusted pretax profit. said it is disappointed it's u.k. workers are going on strike, but it is too late to assess the impact of the action. the british staff takes their first industrial action for more than two decades today, over a pension dispute. >> what is important here is that we need to have a pension scheme which is viable and robust in the future. i like some companies that wait for their situation to get into a more difficult spot, we are taking action to make it robust. our situation is also one which is determined across the whole industry