AMSTERDAM (Reuters) - Templeton Global Equity said on Thursday it is among a group of investors calling for an extraordinary meeting of Akzo Nobel (AKZO.AS) shareholders to discuss whether Antony Burgmans should remain chairman of the Dutch paint maker.
“We have made no commitment as to how we may vote ... but we do expect Akzo Nobel to respect shareholders’ rights to request that such a discussion takes place,” the fund, a long-term shareholder that owns a 3.9 percent stake in Akzo, said in a statement.
Akzo’s boards are trying to fend off a 24.6 billion euro ($26.18 billion) takeover by U.S. rival PPG Industries (PPG.N), saying it undervalues the company. On Wednesday, Akzo said it would consider calling an extraordinary meeting - but that it would not allow a shareholder vote on Burgmans’ position.
($1 = 0.9397 euros)
Reporting by Toby Sterling. Editing by Jane Merriman