'The proposal not only fails to reflect the current and future value of Akzo Nobel, it also neglects to address the significant uncertainties and risks for shareholders and other stakeholders,' Akzo Nobel said in a statement.

In addition, Akzo Nobel said PPG would have to take on large debt to finance the acquisition and that competition authories around the world put up hurdles as well.

In 2008, for example, 61% of workers retired between the ages of 60 and 63, but that figure has now shrunk to 15%.

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The state pension age has also been rising since 2013 and is now 65 years and nine months. More A popular Dutch sport which men and women play in mixed teams of eight is working on giving the game a ‘sexier image’, the Telegraaf said on Wednesday.

Korfball, invented by Amsterdam schoolteacher Nico Broekhuysen in 1902, is similar to netball and is one of the few sports that has men and women playing together in one team.

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'It's a risk,' director Axel Posthumus, told the Volkskrant. However, the low energy prices (down to 2004 levels) have delivered a second blow.' Some of the 400 turbine owners in the cooperative actually made a loss last year, Posthumus said.

In particular, old, maintenance-intensive turbines which are no longer eligible for subsidies are proving a drain on their owners.

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PPG offered €88.72 per share which equates to €22.4bn, €1.5bn more than its first bid for Akzo Nobel on 2 March.

Akzo Nobel again termed PPG's offer 'too low and too risky' and said it substantially undervalues the company.

They also produce less power than modern turbines, the paper said.