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Akzo chairman to leave after opposing PPG deal

Tuesday, July 25, 2017 - 01:01

Dutch paintmaker Akzo Nobel's chairman will step down next April, having angered some major investors by fighting off a 26.3 billion euro ($30.6 billion) takeover bid by U.S. rival PPG Industries. David Pollard reports.

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BROADCAST AND DIGITAL RESTRICTIONS**Broadcasters: NONE Digital: NONE**~ The shakeout is well and truly under way. As Dutch paintmaker Akzo Nobel wrestles with the impact of PPG's failed merger bid. Last week, chief executive Ton Buechner resigned for health reasons - and now, chairman, Antony Burgmans is to go ... The two men who led the resistance. Burgmans is said to have angered investors. And is to leave at the end of his term next April. If not before .... Major shareholder Elliott Advisors is pushing for his immediate dismissal. Either way, analysts say a PPG deal could be revived when a six-month cooling off period expires in December. But with core profits in Q2 down six per cent ... And a share price around 20 per cent below PPG's final 26 billion euro offer in April, Akzo may need to up its game if it's to resist once more.

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Akzo chairman to leave after opposing PPG deal

Tuesday, July 25, 2017 - 01:01