Elliot Advisors says Akzo will lose four times as many jobs without PPG takeover

AMSTERDAM (Reuters) - Elliott Advisors, the Akzo Nobel shareholder that has been pushing for the company to enter takeover talks with U.S. rival PPG Industries, said on Friday Akzo will lose up to 6,400 jobs under the independence plan it has put forward as an alternative.

Elliott put forward a study arguing that the job losses required by Akzo's independence plan, which involves selling or floating its chemicals division, would be four times greater than what it would be if the two companies were to combine.

Akzo has twice rejected takeover proposals from PPG and is weighing whether to enter talks on a third worth 26.9 billion euros. The company said Friday it would respond to Elliott's remarks shortly.

 

(Reporting by Toby Sterling; Editing by Sunil Nair)