AMSTERDAM (AP) — An Amsterdam court has rejected a request by a group of AkzoNobel shareholders to order an extraordinary meeting of shareholders to discuss dismissing the paint and coatings company’s supervisory board chairman.
Monday’s ruling by the Commercial Court in Amsterdam came amid unrest by some AkzoNobel shareholders at the company’s decision to reject three unsolicited takeover bids by American rival PPG Industries.
Rejecting the third PPG bid, worth $28.8 billion, AkzoNobel said that its own plan to spin off its Specialty Chemicals unit within 12 months to boost growth “offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders.”
Some rebel shareholders held Supervisory Board Chairman Antony Burgmans responsible for the rejections and want him replaced.
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