AkzoNobel, Elliott sign agreement strengthen dialogue with shareholders

AkzoNobel, Elliott sign agreement to strengthen dialogue with shareholders

9:32 AM, 16th August 2017
AkzoNobel headquarters building in Amsterdam, Netherlands. (File photo)
AkzoNobel headquarters building in Amsterdam, Netherlands. (File photo)

AMSTERDAM, NETHERLANDS: AkzoNobel NV has reached an agreement with affiliates of Elliott Advisors (UK) Limited (Elliott) following recent constructive dialogue, with the aim of normalizing the relationship with its shareholders.

The agreement includes alignment on the AkzoNobel strategy to fully separate specialty chemicals. In addition, Elliott will support the appointment of Thierry Vanlancker as a member of the board of management of AkzoNobel.

AkzoNobel and Elliott have also agreed, to seek to suspend all ongoing litigation for at least three months.

In addition, the company announced the nomination of two new members to its supervisory board, Sue Clark and Patrick Thomas. Elliott supports their appointment.

Further, AkzoNobel intends to nominate a third supervisory board member, which will be done in consultation with the company’s major shareholders, including Elliott.

“AkzoNobel remains focused on creating two world-class, high-performing businesses; specialty chemicals and paints and coatings. We look forward to a continued constructive relationship focused on creating value for all shareholders and other stakeholders. This agreement is fully in line with our ongoing program to strengthen and maintain a constructive dialogue with all our shareholders,” said Antony Burgmans, chairman of the supervisory board of AkzoNobel.

“We believe AkzoNobel will benefit from the addition of the supervisory board nominees. This agreement marks an important next step in positioning AkzoNobel for success and enabling the company to deliver compelling value to all its stakeholders. As shareholders, we look forward to building upon the recent constructive dialogue with the company,” added Gordon Singer, CEO of Elliott Advisors (UK) Limited.

© Worldofchemicals News 



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Calumet to sell Superior refinery to Husky for $435 mn cash

INDIANAPOLIS, US: Calumet Specialty Products Partners LP (CLMT) has signed definitive agreements to sell the ownership of its refinery in Superio ...

Read more
3M elects Microsoft CFO to its board

ST PAUL, US: The 3M Company has elected Amy Hood, executive vice president and chief financial officer (CFO), Microsoft Corp, to its board o ...

Read more
CB&I bags Tecnicas storage tanks project in Saudi Arabia

THE WOODLANDS, US: Chicago Bridge & Iron Company (CB&I) has been awarded a contract by Tecnicas Reunidas SA for new product storage tanks that ...

Read more
Toray to invest INR 1000 cr in textiles manufacturing unit in India

AMARAVATI, INDIA: Toray Industries Inc said that it will invest Rs 1,000 crore for the manufacture of technical textiles in Andhra Pradesh (AP). AP c ...

Read more
AkzoNobel nominates two new supervisory board members

AMSTERDAM, NETHERLANDS: AkzoNobel NV has nominated two new members to the supervisory board, Sue Clark and Patrick Thomas. In addition, AkzoNobel int ...

Read more
Kraton appoints two new members to its board

HOUSTON, US: Kraton Corporation (KRA) has appointed global vice president of industrial coatings at PPG Industries Inc, Shelley Bausch and former CEO ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X