AMSTERDAM (Reuters) - Akzo Nobel (AKZO.AS) said it had reported one of its own biggest shareholders, Elliott Advisors, and its suitor PPG Industries (PPG.N) to regulators for possibly sharing “sensitive” information about shareholders’ intentions to call an extraordinary meeting to replace Chairman Antony Burgmans.
It was not clear what rules, if any, the shareholder and PPG might have violated.
Neither Elliott nor PPG has access to non-public information about Akzo, said Leslie McGibbon, a spokesman for the Dutch paint maker. But since PPG’s 24.6 billion euro cash-and-share proposal to take over Akzo, which Akzo’s board rejected on March 22, movements in the company’s share prices have been linked to varying hopes and fears the PPG bid may succeed or fail.
Elliott Advisors, which holds a 3.25 percent stake in Akzo, said it would respond to Akzo’s allegations soon. PPG could not be reached for comment overnight in the United States.
Reporting by Toby Sterling; Editing by Himani Sarkar