Akzo Nobel receives request from Elliott for shareholder meeting

Markets Reuters

(Copyright Reuters 2017)

Dutch paint maker Akzo Nobel said on Wednesday that it had received a request from a group of shareholders led by Elliott Advisors to hold a special shareholder meeting to dismiss Chairman Antony Burgmans.

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Elliott hopes to add to pressure on Akzo to negotiate a potential sale to U.S. coatings manufacturer PPG Industries Inc , after Akzo rejected a sweetened 22.4 billion euro ($24 billion) cash-and-stock offer from PPG last month.

"The Supervisory Board strongly supports Mr. Burgmans in his role as Chairman," Akzo Nobel said in a statement.

(Reporting by Alan Charlish in Gdynia; Editing by Amrutha Gayathri)