Elliott Advisors launches legal petition to oust AkzoNobel chairman Antony Burgmans
Activist investor Elliott Advisors has launched legal action to oust AkzoNobel chairman Antony Burgmans.
The hedge fund, which has worked to push the Dutch paint giant into takeover talks with US rival PPG, called Akzo’s rejection of PPG’s third proposal a ” flagrant breach of AkzoNobel’s boards’ fiduciary duties and of Dutch corporate law, and…an arrogant dismissal of recognised principles of proper corporate governance”.
Elliott announced it filed a petition with Amsterdam’s Enterprise Chamber to order an extraordinary general meeting (EGM) to vote on the dismissal of Burgmans. Akzo has declined Elliott’s previous attempts to request an EGM, which it said would not be in the company’s best interests.
AkzoNobel did not immediately respond to a request for comment.
Yesterday, Akzo rejected a third takeover offer from US firm PPG and said it will instead focus on its own strategy to accelerate growth.
US painting giant PPG has had several takeover approaches turned down by AkzoNobel.
Elliott last week commissioned a study that concluded around 6,400 people will lose their jobs if AkzoNobel continues with its current plans.
Source: CITYA.M.
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