AkzoNobel on Tuesday rejected a request from a group of shareholders led by Elliott Advisors (New York) to hold an extraordinary general meeting (EGM) of shareholders with the aim of dismissing Antony Burgmans as chairman of the company’s supervisory board. AkzoNobel argues that the request fails to meet Dutch legal stipulations for calling an EGM, which require a “legitimate interest” in holding the meeting to be demonstrated as well as a 10% share-owning threshold, a condition the group fulfils. AkzoNobel said last week that it planned to reject the request, which the company had 14 days to respond to. The company also called on Elliott to “clarify its relationship” with PPG Industries, which is pursuing AkzoNobel. PPG submitted an increased offer for AkzoNobel on Monday, valuing the company at ?26.9 billion ($28.8 billion), or ?96.75/share.
展开▼
