Elliott exploring possible new legal challenge to Akzo Nobel - report (translated)
04 JUL 2017
Akzo Nobel's [AMS.AKZA] activist shareholder Elliott Advisors is exploring a possible re-inititation of legal action against the Dutch paints and chemical business, Het Financieele Dagblad reported, citing unnamed sources.
Elliott is currently sounding out other shareholders of Akzo Nobel to see if they would want to support such action, the item added.
The activist shareholder is primarily interested in the confidence expressed in Akzo's board pertaining to its growth agenda. In addition, it indicated it may be interested in launching another legal case against Akzo Nobel.
Last May, the Amsterdam Enterprise Court threw out Elliott's request for an extraordinary shareholder meeting, after a series of bid by Akzo's US-based peer PPG [PPG.NYSE]. Elliott could again ask for another similar meeting.
In addition, the Enterprise Court still has to decide on an investigation requested by Elliott into Akzo Nobel's handling of PPG's bid, the report noted.