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Dutch court sets May 22 date to hear complaint against Akzo Nobel
May 10, 2017 / 2:11 PM / 4 months ago

Dutch court sets May 22 date to hear complaint against Akzo Nobel

AMSTERDAM, May 10 (Reuters) - A Dutch court said on Wednesday it will convene on May 22 to hear hedge fund Elliott Advisors’ request for an investigation into possible mismanagement at Dutch paint-maker Akzo Nobel.

Elliott, which holds a 3.25 percent stake in Akzo, leads a group of institutional shareholders dissatisfied with the company’s boards’ rejection of a 26.3 billion euro ($29 billion) takeover offer from U.S. rival PPG Industries.

As part of its suit, Elliott will ask the court for preliminary measures including ordering an extraordinary meeting of shareholders to debate the dismissal of Chairman Antony Burgmans.

Akzo earlier refused a request from Elliott to hold such a meeting, saying it supports Burgmans. Akzo said Tuesday it was disappointed in Elliott’s move to file a lawsuit. (Reporting by Toby Sterling; Editing by Elaine Hardcastle)

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