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Shareholders take Akzo Nobel to court to oust Chairman Burgmans

May 22, 2017 By Toby Sterling AMSTERDAM (Reuters) – Akzo Nobel shareholders angered by the Dulux owner’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries took their fight to an Amsterdam court on Monday. Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo’s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans. Elliott Advisers and the other institutional investors together represent…

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Shareholders take Akzo Nobel to court in effort to aid PPG takeover

May 22, 2017 By Toby Sterling AMSTERDAM (Reuters) – Akzo Nobel shareholders angered by the Dutch paint maker’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries go to court on Monday seeking a pivotal victory in the continuing battle. British hedge fund Elliott Advisors, with support from several long-term institutional investors, will try to convince judges at the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo’s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman…

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Akzo Nobel declines third takeover proposal from PPG

May 8, 2017 By Toby Sterling AMSTERDAM (Reuters) – Dutch paint maker Akzo Nobel on Monday rejected a third takeover proposal from larger U.S. rival PPG Industries , valued at 26.9 billion euros ($29.51 billion), saying it undervalues the company, faces antitrust risks, and does not address other concerns such as “cultural differences.” A group of Akzo Nobel shareholders led by hedge fund Elliott Advisors who support a merger of the two companies have been pushing for talks, but Akzo said in a statement it would not engage in discussions…

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PPG to make case for Akzo acquisition to Dutch government officials

March 24, 2017 AMSTERDAM (Reuters) – The chief executive of U.S. paint maker PPG meets Dutch government officials on Friday to make the case for its proposed 22.7 billion euro ($24.5 billion) takeover of Dutch peer AkzoNobel . PPG was also due to meet representatives of the VEB, an organization that represents shareholders in the Netherlands, but there was no indication that it would get a hearing from Akzo executives. Akzo’s management, which has rejected the approach and refused to negotiate, has come under pressure from shareholders to at least…

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