The hedge fund Elliott Management said on Wednesday that it will seek to replace the chairman of Akzo Nobel, the Dutch paint and chemicals company, in an increasingly bitter fight over whether the company should discuss a takeover with its American rival, PPG Industries.
Akzo Nobel, the maker of Dulux paint, Eka bleaching solutions and Interpon powder coatings, has now rejected two takeover offers from PPG last month and has declined further discussions. The latest cash-and-stock offer was worth about $24 billion.
Elliott, which says it owns more than 3 percent of Akzo Nobel, confirmed it had made the request on Monday, saying shareholders representing more than 10 percent of Akzo Nobel’s shares supported the meeting.
Akzo Nobel said it would formally respond in 14 days as required under Dutch law.
“The view of the supervisory board is that the removal of Mr. Burgmans would be irresponsible, disproportionate, damaging and not in the best interest of the company, its shareholders and other stakeholders,” Akzo Nobel said in a news release. “Therefore the proposed agenda item to remove Mr. Burgmans will be rejected.”
Full Content: New York Times
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