Elliott Management Reportedly Attempts To Oust Azko Nobel Board Chairman

(RTTNews) - Elliott Management Corp. has informed Akzo Nobel NV (AKZOY.PK, AKZOY) that it plans to call a shareholder meeting to try to oust the chairman of the company's supervisory board, according to reports.

The reports noted that the activist investor is leading a group of shareholders who collectively own more than 10% of the Dutch company, giving the investors the ability to call an extraordinary general meeting.

Elliott previously disclosed that it owns a 3% stake in Akzo and has pressed the company to engage in deal talks with U.S. rival PPG Industries Inc. Akzo last month rejected a $24 billion offer from PPG after rebuffing an earlier $22 billion bid. The company, whose market value stands at about $21.1 billion, has said the offers are too low.