Pittsburgh's PPG Industries Inc. was informed on Thursday of private equity firm Platinum Equity LLC's intention to terminate a $500 million deal to acquire the chemical producer's automobile glass operations. Platinum, which announced the deal in September and plans to end it by Dec. 31, did not give a reason for its change of heart.

Also, Platinum's affiliates filed suit, saying Platinum is not obligated to consummate the agreement. PPG plans to "vigorously enforce its rights under its agreements with the Platinum group." If the deal does indeed fall through, PPG will look for buyers and other strategic alternatives.
— Baz Hiralal

See PPG's announcement

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