Akzo Nobel to lose chairman who fought off PPG takeover

CEO and co-chief investment officer for Elliott Management Corporation speaks during the Skybridge Alternatives Conference in Las Vegas Nevada May 9 2012. REUTERS  Steve Marcus  File

CEO and co-chief investment officer for Elliott Management Corporation speaks during the Skybridge Alternatives Conference in Las Vegas Nevada May 9 2012. REUTERS Steve Marcus File

Dutch paint maker AkzoNobel has posted disappointing second-quarter core earnings and revealed that its embattled chairman, Antony Burgmans, is to step down following activist pressure.

Paints and coatings group AkzoNobel which is seeking to ward off a hostile takeover bid by U.S. rival PPG Industries has sidestepped a move to put the matter up for discussion at a future extraordinary general meeting. Elliott had tried to remove him for rejecting the PPG bid. And since the agenda is closed 60 days before the meeting takes place AkzoNobel has prevented hostile shareholders from placing items on the agenda, the Financieele Dagblad said.

"Barring any exceptional circumstances, I intend to retire as planned and in-line with the Dutch corporate governance code from my position as chairman of the supervisory board of AkzoNobel, following the completion of my third term in office in April 2018", Mr Burgmans said.

Akzo said the meeting will discuss the creation of a Supervisory Board committee for shareholder relations, senior executive remuneration, and a "program of meetings to introduce new CEO".

"We have actively reached out to our shareholders to create a plan to strengthen our relationship".

Akzo on July 25 reported a 6 percent drop in operating profit in the second quarter to 461 million euros, below the 496 million euros expected by analysts polled by Reuters.

Notícias recomendadas

  • Psychiatry Group Allows Members to Comment on Trump's Mental Health

    Psychiatry Group Allows Members to Comment on Trump's Mental Health

    Although opposition to the Goldwater rule has existed for years, it intensified with Trump's candidacy and then election. The committee clarified that the rule applies to all professional opinions offered by psychiatrists, not just diagnoses.
    France-Hulot quitte l'Assemblée nationale après un

    France-Hulot quitte l'Assemblée nationale après un "malaise"

    Comme la situation ne s'améliorait pas, Barbara Pompili a repoussé la réunion de la commission à une date ultérieure . Juste avant de demander une suspension de séance, Nicolas Hulot , âgé de 62 ans, avait indiqué avoir de la fièvre.
    Donald Trump Says Obamacare Was Passed 17 Years Ago

    Donald Trump Says Obamacare Was Passed 17 Years Ago

    The CBO expects that by 2026, 15 million more people would lack insurance than under current law. Mike Lee helped sink a motion last week to bring a new Senate version of the bill up for debate.
  • Jordan Spieth wins third major

    Jordan Spieth wins third major

    Spieth was spared at Royal Birkdale by making a bogey from the driving range when he was expecting no better than a double bogey. What unfolded on the back nine of one of golf's most venerable layouts was a coronation, as astonishing as it was brilliant.
    Real Star: Neymar Would Be Welcome At The Bernabeu

    Real Star: Neymar Would Be Welcome At The Bernabeu

    This comes amid strong rumours of a potential move for Barca's forward, Neymar , to the Ligue 1 giants. If he leaves Barcelona I wish him all the luck in the world, and if he stays, as well.

    Israel to remove metal detectors from holy site of al-Aqsa

    Mladenov said it is "critically important" that the status quo which has been in place at the site since 1967 is preserved. The Israeli army said the 19-year-old Palestinian had spoken in a Facebook post of the holy site and of dying as a martyr.
  • Outrage, investigation over video of live shark being dragged behind motorboat

    Outrage, investigation over video of live shark being dragged behind motorboat

    A spokesperson for FWC said they take the incident very seriously and are attempting to identify everyone in the video. It shows three men in a power boat dragging a shark tied to the back of the boat at a approximately 45 miles per hour.
    Mattel, Inc. (MAT) Shares Sold by Ngam Advisors LP

    Mattel, Inc. (MAT) Shares Sold by Ngam Advisors LP

    Finally, Renaissance Technologies LLC acquired a new stake in shares of Mattel during the fourth quarter worth about $19,211,000. Speece Thorson Capital Group Inc bought 285,350 shares as the company's stock declined 15.13% while stock markets rallied.
    Imbécilité routière : des motards bretons interpellés

    Imbécilité routière : des motards bretons interpellés

    Extrait d'une vidéo d'un motard intercepté par la Gendarmerie Nationale dans les Côtes d'Armor. Le parquet de Saint-Brieuc devrait poursuivre les motards pour "mise en danger d'autrui".
  • Suns guard Brandon Knight likely to miss 2017-18 season

    Suns guard Brandon Knight likely to miss 2017-18 season

    The 25-year old former Kentucky player hasn't played more than 63 games in any of the past three seasons, dealing with injuries. Drew Shiller is the co-host of Warriors Outsiders and a Web Producer at NBC Sports Bay Area.
    Mithali Raj proud of India's effort despite missing out on World Cup

    Mithali Raj proud of India's effort despite missing out on World Cup

    But as the runners-up in the World Cup it's important that we need to again start grooming players for the next edition. Captain Heather Knight said: "It's what we set out to do - although I guess we have done it the hard way".
    Hockey Canada unveils Plan B for Pyeongchang Games

    Hockey Canada unveils Plan B for Pyeongchang Games

    Sean Burke will serve as general manager of Team Canada in 2017-18 with former Canucks coach Willie Desjardins behind the bench. Willie Desjardins will be the head coach.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.