Akzo Nobel Ends Feud With Elliott Management
On Wednesday, Akzo Nobel said that it had reached an agreement with Elliott to suspend all litigation
for three months, in the hope of “normalizing the relationship with its shareholders.”
Elliott also agreed to support the appointment of Thierry Vanlancker, Akzo Nobel’s chief executive, to the paint maker’s management board
and the nomination of two other directors to its supervisory board.
LONDON — Akzo Nobel, the Dutch paint and chemicals company, said on Wednesday
that it had reached a truce with Elliott Management, ending a dispute that had been the latest example of an activist investor looking to reshape a major business.
Akzo Nobel said it intended to nominate a third director to its supervisory board after consulting with its major shareholders, including Elliott
Elliott urged Akzo Nobel to engage in talks with PPG,
and the fund eventually went to court to try to force a shareholder meeting aimed at replacing Akzo Nobel’s chairman, Antony Burgmans.