LONDON (Reuters) - Activist hedge fund Elliott Advisors said a strategic plan put forward by Dutch paintmaker Akzo Nobel (AKZO.AS) at an investor day on Wednesday was “incomplete” given the firm’s lack of engagement with U.S. suitor PPG (PPG.N).
As part of the plan, Akzo fleshed out its alternative plan to separate its chemicals business and pay shareholders 1.6 billion euros in extra dividends this year.
Elliott, however, said while it was pleased to about the move to spin-out the chemicals unit, it noted “with concern” a “questionable” statement from a Akzo chairman Antony Burgmans that Akzo’s plan would deliver more value than Elliott’s.
Among the criticisms was that Akzo had yet to fully engage with PPG, and was therefore in not position to know what value could be created.
Reporting by Simon Jessop, editing bv Maiya Keidan