AMSTERDAM: Akzo Nobel shareholders angered by the Dulux owner’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from US rival PPG Industries took their fight to an Amsterdam court on Monday.
Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo’s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans.
Elliott Advisers and the other institutional investors together represent 18 percent of the Dutch paint maker’s shares.
“A large group of shareholders has lost confidence in Mr. Burgmans and has asked to call him to account at an extraordinary shareholders meeting,” said Jan Willem de Groot, representing Elliott. “That’s a vote of no confidence by itself.” Akzo was to respond later. At the start of the hearing, presiding Judge Gijs Makkink granted a request by PPG to address the court as an “interested party,” allowing it to speak after shareholders and before Akzo.
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