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Akzo Nobel wins again in court battle with hedge fund Elliott

Reuters  |  AMSTERDAM 

By Bart MeijerAMSTERDAM (Reuters) - Akzo Nobel does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with U.S. activist investor Elliott Advisors.Elliott, Akzo's largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo's rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries earlier this year and wants him dismissed.Together with York Capital Management, which holds a 0.6 percent stake in the maker of ...

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First Published: Thu, August 10 2017. 23:38 IST