Akzo Nobel does not have to let shareholders vote on the position of its chairman, a Dutch court ruled on Thursday, handing the Dutch paint company another victory in its continuing battle with activist investor Elliott Advisors.
Elliott, Akzo`s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans resposnible for Akzo`s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries earlier this year and has for months been trying to get him dismissed.
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Updated: Thu, Aug 10, 2017
09:54 PM IST
09:54 PM IST
Reuters