Akzo Nobel (AKZOY) shares fell sharply Wednesday after the Dutch paints and chemicals group rejected a second takeover approach from PPG Industries (PPG) - Get Report that values the group at $24.1 billion.

Akzo said the second bid of €88.72 per share consists of €56.22 in cash and 0.331 PPG shares and was put to the group on Monday. The second bid values Akzo Nobel at €22.38 billion ($24.1 billion) but does not "reflect the current and future value of AkzoNobel", the company said, and also "neglects to address the significant uncertainties and risks for shareholders and other stakeholders".

Akzo also said the revised offer fails to reflect the value creating opportunities of the new strategic plan focus for both the Specialty Chemicals and the Paints and Coatings businesses.

Akzo Nobel shares were marked 2.6% lower at €74.50 each in early Amsterdam trading, valuing the group at just over €18.86 billion. The stock hit an intra-day record of €79 each Tuesday and has gained around 18% since PPG's first approach on March 9.

The BBC also reported Tuesday that regional Dutch politicians have expressed concern with the takeover plans, citing a joint statement from four provincial governors that it would put up to 5,000 jobs at risk.

The new proposal "would have result in a large number of substantial divestitures due to the major geographical and segment overlap of both companies across Decorative Paints and Performance Coatings, bringing into question value leakage," AkzoNobel said.

"We are convinced that AkzoNobel is best placed to unlock the value within our company ourselves. We are executing our plan, including the creation of two focused businesses and new cost structure, and believe this gives us a strong platform for continued profitability and long term value creation for all our stakeholders with substantially less execution risks," AkzoNobel CEO Ton Buchner said in a statement.

Akzo said PPG offered to buy the Dutch chemicals group for around €83 per share, in cash and shares, a 29% premium to Akzo's March 8 closing price of €64.52 that would value Akzo at around €21 billion.

Pittsburgh-based PPG said at the time that it continued to believe there was a strong strategic rationale for the proposed transaction, adding that it will carefully evaluate how it will proceed with the transaction.