CORRECT: Correction to Elliott Management Story
Activist investor Elliott Management Corp said Friday it was seeking to remove Akzo Nobel Chairman Antony Burgmans because of the board's handling of the failed $27.6 billion bid from PPG Industries Inc.
Citing shareholder dissatisfaction, a unit of Elliott has filed a joint petition to the Interim Relief Court in the Netherlands to convene a general meeting of shareholders to vote on the dismissal of Mr. Burgmans.
Elliott owns 9.5% of the Dutch paint and chemical giant's issued share capital. It said a recent survey showed that shareholders holding 21% of shares didn't have confidence in the management board, compared with 4% that do. It also said shareholders holding 32% of shares weren't satisfied with the way Akzo's boards conducted themselves over the PPG approach, compared with 0.2% who were happy.
For its part, Elliott said it has lost confidence in the ability of the chairman to guide Akzo in a manner that benefits all of its stakeholders.
Elliott was a key player in trying to end a standoff between two of the world's oldest industrial companies. As one of Akzo's largest investors, Elliott mounted a bold public-relations and legal campaign to try to force the Amsterdam-based company into unwanted sale talks with U.S. peer PPG.
Write to Ian Walker at ian.walker@wsj.com
Corrections & Amplifications
Story corrected at 0806 GMT. Original misstated the chairman's name in the first and second paragraphs as Ton Buchner.
Activist investor Elliott Management Corp said Friday it was seeking to remove Akzo Nobel Chairman Antony Burgmans because of the board's handling of the failed $27.6 billion bid from PPG Industries Inc.
Citing shareholder dissatisfaction, a unit of Elliott has filed a joint petition to the Interim Relief Court in the Netherlands to convene a general meeting of shareholders to vote on the dismissal of Mr. Burgmans.
("Elliott Management Looks to Remove Akzo Nobel Chairman After Failed PPG Bid," at 0805 GMT, misstated the chairman's name in the first and second paragraphs.)
Corrections & Amplifications
This correction was corrected on July 7, 2017 at 0820 GMT to reflect that Akzo Nobel Chairman Antony Burgmans' first name was misspelled as Anthony in the original version.
Activist investor Elliott Management Corp. said Friday it was seeking to remove Akzo Nobel Chairman Antony Burgmans because of the board's handling of the failed $27.6 billion bid from PPG Industries Inc. "Correction to Elliott Management Story," at 08:03 GMT, incorrectly spelled Mr. Burgmans' first name.
(END) Dow Jones Newswires
July 07, 2017 04:24 ET (08:24 GMT)