Akzo Nobel said on Wednesday that it has reached an agreement with Elliott Advisors, its largest shareholder, with Elliott agreeing to suspend legal actions against AkzoNobel and to support its board nominations. Elliott has agreed to support AkzoNobel's decision to sell its specialty chemicals business, which accounts for about one-third of AkzoNobel's sales and profits. Elliott, which owns 9.5 of AkzoNobel, has been in dispute with AkzoNobel since the latter rejected a €26 billion ($30.4 billion) takeover offer by rival PPG. The activist shareholder sought unsuccessfully to have chairman Antony Burgmans removed by legal action. Burgmans has since said that he will be stepping down at the end of his legal tenure in April 2018.
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