Elliott seeks to oust Akzo chair, Akzo says no

REUTERS  Toussaint Kluiters  United

Akzo has rejected two PPG takeover offers, while 3% shareholder Elliott has been pressing the company to engage in deal talks.

The group said it would consider the EGM request, as is required under Dutch law, and respond to Elliot within 14 days.

Most investors and analysts doubt Akzo's plan can rival in financial terms what PPG is willing to pay.

Elliott is hoping the move will add to pressure on Akzo (akzoy) to negotiate a potential sale to US coatings manufacturer PPG Industries (ppg).

Though it was not immediately clear what rules the USA company and the British fund might have violated, both felt obliged to respond.

In addition to outlining tactics for future dealings with Akzo, Gordon's email, first reported on by the Financial Times, also instructed a fellow employee to alert PPG that Elliott had requested the special meeting.

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Akzo shareholders must hold in total at least 10% of the company's issued stock to be able to convene an extraordinary general meeting, which would then take a few weeks to organize.

Private equity firms and smaller companies seeking to team up with buyout firms to make offers will participate in a sale process for the specialty chemicals unit, the sources said.

Elliott said in a statement it is "aware of its various regulatory obligations, including obligations related to handling price sensitive, or potentially price sensitive, information".

Pittsburgh-based PPG says that is not true and Akzo should enter talks to better understand the benefits that would flow to those stakeholders from its own proposal.

Buechner's vision is centered on the separation of a chemicals division, worth an estimated 9 billion euros ($9.6 billion). Shareholders can vote to remove management and members of the board, but the supervisory board retains the right to nominate their successors.

The maker of Dulux paint and chlorine said it became aware on April 11 that Elliott meant to privately share potentially price sensitive information with PPG regarding its demand for the shareholders' meeting.

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