1. Akzo Nobel Faces Elliott Legal Bid to Oust Chairman

    Akzo Nobel Faces Elliott Legal Bid to Oust Chairman

    An activist investor in Akzo Nobel is making a legal bid to force the removal of the Dulux paint owner's chairman. Elliott Advisors says Antony Burgmans should be ousted because of the Dutch firm's refusal to enter takeover talks with US rival PPG Industries. In a petition filed with the Dutch Enterprise Chamber, Elliott said Mr Burgmans had not discharged his duties. Akzo has rejected three offers from PPG, but some shareholders - including Elliott - back the bid...

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    1. Elliott views Akzo Nobel's rejection of PPG's third proposal without entering into any constructive form of engagement with PPG as a flagrant breach of Akzo Nobel's boards' fiduciary duties and of Dutch corporate law, and as an arrogant dismissal of recognised principles of proper corporate governance.
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