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Investors join Elliott in case against Akzo Nobel
May 18, 2017 / 12:53 PM / 4 months ago

Investors join Elliott in case against Akzo Nobel

Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble

AMSTERDAM (Reuters) - Six Akzo Nobel (AKZO.AS) investors have filed to participate or speak in a case against the company’s boards being heard next week at an Amsterdam court, a court statement showed.

Elliott Advisors has asked the court to order an investigation into the boards’ performance and to call an extraordinary shareholders’ meeting.

It wants that meeting to vote on dismissing Chairman Antony Burgmans after the company rejected a 26.3 billion euro (£20.2 billion) takeover proposal from U.S. rival PPG Industries (PPG.N) which many shareholders considered attractive.

The court document showed filings from Templeton Investment, Tweedy Brown, and the Universities Superannuation Scheme, which have all been publicly critical of Akzo’s rejection of PPG.

Dodge & Cox, Intrinsic Value Investors and York Capital Management also filed papers with the court or intended to speak at the hearing on Monday.

No Akzo major shareholder has come forward to support management’s position since PPG began pursuing Akzo in March.

Reporting by Toby Sterling; editing by Jason Neely

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