BID TO SACK CHAIRMAN
Crisis of confidence at AkzoNobel, court told
Activist investor Elliott Advisors and at least seven other shareholder groups accuse the management of ‘creating a crisis of confidence’
Amsterdam — AkzoNobel shareholders and a US hedge fund manager went to court on Monday to force the world’s leading paint manufacturer to allow a vote on ousting the Dutch company’s chairman amid a fierce takeover bid. Activist investor Elliott Advisors and at least seven other shareholder groups accused the management of "creating a crisis of confidence" among its shareholders after AkzoNobel rejected three takeover offers from US rival PPG. Elliott lodged a case with the Dutch Enterprise Chamber in Amsterdam, asking the tribunal to order an extraordinary meeting of AkzoNobel shareholders that could vote on whether to dismiss board chairman Antony Burgmans. "Shareholders are single-handedly being robbed of their right to call to account those in charge of policy, namely Burgmans," said lawyer Jan Willem de Groot, acting for Elliott. "There is a serious crisis of confidence between AkzoNobel and a large group of shareholders," De Groot said. Earlier in May, AkzoNobel snubbed a third...
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