Issue Date: April 17, 2017
AkzoNobel’s board defends its chairperson
AkzoNobel is defending its chairperson, Antony Burgmans, after shareholders led by the hedge fund management firm Elliott Advisors called for him to be removed for his refusal to entertain PPG Industries’ takeover offer. Under Dutch law, AkzoNobel has two weeks—until April 25—to consider Elliott’s request that it hold an extraordinary general meeting and vote on Burgmans’s position. AkzoNobel, meanwhile, accused Elliott of working with PPG. PPG counters that it has no arrangement with Elliott. “It would be preferable from PPG’s perspective if AkzoNobel would speak with us rather than about us,” PPG says.
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