AkzoNobel Rejects Elliott Management's Call for EGM
April 25 2017 - 8:29AM
Dow Jones News
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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