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Elliott Blasts Akzo Nobel Over Paintmaker's Shareholder Meeting

  • Hedge fund says Dutch company is flouting investor rights
  • Akzo had promised to strenghthen relations with shareholders
Updated on

U.S. hedge fund Elliott Management Corp. escalated its battle with Akzo Nobel NV, accusing the Dutch paintmaker of deliberately flouting shareholder rights just as the company pledged to repair relations with investors.

The Amsterdam-based manufacturer of chemicals and coatings is in “serious and direct contravention” with European shareholder rules on the timing of a Sept. 8 investor meeting, Elliott said in a statement on Tuesday. The riposte came hours after Akzo Nobel vowed to “strengthen and maintain a constructive dialogue” with shareholders and create a board committee for relations that will be advised by JP Morgan Cazenove Ltd.