Akzo shareholder Elliott says 25 percent of owners want talks: FD newspaper

MarketsReuters

Elliott Advisors, the hedge fund with a 3.25 percent stake in Dutch paintmaker Akzo Nobel , has identified shareholders representing 25 percent of the company's owners who want it to engage in takeover talks with PPG Industries , according to Dutch newspaper FD.

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Akzo has rebuffed a 24.4 billion euro ($26.4 billion)takeover proposal from PPG and declined "engaging" with the U.S. company, saying it will detail plans to spin off its chemicals division instead.

(Reporting by Toby Sterling; Editing by Stephen Coates)