By Christopher Alessi

FRANKFURT-Dutch paints and chemicals maker AkzoNoel NV on Tuesday rejected a request by Elliott Management Corp. and other investors to hold an extraordinary meeting of shareholders to oust the company's supervisory board chairman.

The request for an Extraordinary General Meeting "does not meet the required standards under Dutch law," the company said in a statement. The company also reiterated its full backing of Chairman Antony Burgmans.

Activist investor Elliott called for the EGM two weeks ago, as it was pressuring Akzo to engage in sale talks with rival PPG Industries Inc. Mr. Burgmans is seen as an obstacle to a PPG takeover of the Dutch firm.

Akzo is set to hold its Annual General Meeting of shareholders Tuesday afternoon.

Write to Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

April 25, 2017 08:14 ET (12:14 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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