Deals
Elliott Takes Akzo to Court to Oust Chairman in PPG Battle
- Hedge fund move comes after Akzo rejects PPG’s $30 billion bid
- Elliott asks Amsterdam court to overrule Akzo on chairman vote
Could Akzo's Third Snub Turn PPG's Approach Hostile?
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The battle for control of paintmaker Akzo Nobel NV escalated after activist investor Elliott Advisors petitioned a Dutch court to back its bid to oust the chairman over his refusal to negotiate with U.S. suitor PPG Industries Inc.
Elliott asked the Enterprise Chamber of the Netherlands to enforce its request for a shareholders’ vote on firing Chairman Antony Burgmans, who the New York-based hedge fund said in a statement Tuesday is in “flagrant breach” of his duties to investors for rebuffing PPG’s third takeover offer worth about $29.5 billion.