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Elliott plans legal action if Akzo rejects vote on chairman dismissal

Published 12/04/2017, 20:37
Updated 12/04/2017, 20:40
© Reuters. The sign of AkzoNobel is pictured at its headquarters in Amsterdam
AKZO
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PPG
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AMSTERDAM (Reuters) - Elliott Advisors, the AkzoNobel (AS:AKZO) shareholder that backs rival PPG's (N:PPG) planned takeover of the Dutch paint maker, said it would take legal action if Akzo did not give an upcoming shareholder meeting the chance to vote to dismiss its chairman.

Along with Akzo's board, Chairman Antony Burgmans opposes the sweetened 24 billion euro (20 billion pound) takeover bid PPG proposed last month. Akzo said earlier on Wednesday it would reject a proposal to put a vote on Burgmans's dismissal on the meeting agenda.

"Shareholders have a legal right under Dutch law to put a proposal to dismiss Mr Burgmans onto the EGM agenda," Elliott said in a statement on Wednesday. If Akzo stuck to its "inexplicable" refusal, "Elliott intends to use its recourse to the Dutch Courts," the fund manager added.

© Reuters. The sign of AkzoNobel is pictured at its headquarters in Amsterdam

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