"As a result, we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time", PPG Chief Executive Michael McGarry said.
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In a joint statement they said: "Every vote for Labour is a vote for the views and policies of its leader, Jeremy Corbyn ". May said the proposed changes to elderly care were part of an attempt to reform the care system for an ageing society.
In a statement, the Pittsburg-based PPG said: "It has withdrawn its proposal to combine with AkzoNobel and will not pursue a public offer for all the issued and outstanding shares of AkzoNobel".
The group added that it made a final attempt at engaging with AkzoNobel's board last week, but did not receive a response.
"We continue to focus on our business, pursuing our strategy of accelerating sustainable growth and profitability", chief executive Ton Buchner said.
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There was no immediate claim of responsibility for the blast, which came amid the Taliban's annual spring offensive. Germany has been increasingly sending Afghans back to Afghanistan, as it argues a lot of the country is safe.
PPG's decision capped a frustrating three-month courtship. It refused to negotiate on the offers, to the annoyance of some shareholders. An Amsterdam court on Monday blocked attempts by a group of shareholders, angered by AkzoNobel's refusal to talk, who sought to oust the company's supervisory board chairman.
The fund claimed he was in "flagrant breach" of his duties to investors for rejecting PPG's offers.
Under Dutch takeover rules, PPG had to submit a firm offer for Akzo Nobel by Thursday or walk away for at least six months. The U.S. company made first bids of 20.9 billion euros (23.47 billion U.S. dollars) and 22.4 billion euros in March this year, followed by a third and last bid of 26.9 billion euros (29.4 billion U.S dollars) in late April.
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Ariana had completed her set at the Manchester Arena when an explosion detonated by a 22-year-old suicide bomber shook the venue. Associated Press writer Jill Lawless reported this story from London and AP writer Mstyslav Chernov reported in Manchester .