Akzo Nobel investor Elliott Advisors discloses 3.25% stake
Akzo Nobel [AMS:AKZA] investor Elliott Advisors has converted its stake held by derivatives to ordinary shares, The Times reported. Elliott, an activist investment firm, has indicated that it has converted a stake held via contracts for difference to shares in the Dutch chemicals group.
Elliott has urged Akzo to enter discussions with PPG Industries [NYSE:PPG] over the Pittsburg, Pennsylvania-based chemicals company’s takeover bid for Akzo, as previously reported. Akzo has rejected two takeover bids from PPG in the past three weeks, the latest of which values the Dutch company at EUR 22.4bn (USD 24.19bn).
Elliott is among Akzo’s five biggest shareholders, the item said.
Akzo Nobel’s market capitalisation stood at EUR 19.59bn at the close of trading in Amsterdam on Friday, 24 March.
The brief item appeared on page 54 of the print edition of The Times on Saturday, 25 March.