AkzoNobel strongly supports Chairman of the Supervisory Board
(Thomson Reuters ONE) -
April 12, 2017
AkzoNobel calls on Elliott Advisors and PPG to clarify relationship
Akzo Nobel N.V. (AKZA.AS; AKZOY)
AkzoNobel has received a request to hold an Extraordinary General Meeting (EGM)
to dismiss Antony Burgmans as Chairman of the Supervisory Board. The request was
received from a number of shareholders led by Elliott Advisors. Elliott Advisors
has stated it became a shareholder in AkzoNobel in December 2016.
The Supervisory Board strongly supports Mr. Burgmans in his role as Chairman.
His unique experience of international business and global transactions is
crucial to the Company. He has played an important role in overseeing and
supporting management in the transformation of the Company in recent years,
contributing to its significantly improved performance.
The view of the Supervisory Board is that the removal of Mr. Burgmans would be
irresponsible, disproportionate, damaging and not in the best interest of the
Company, its shareholders and other stakeholders. Therefore the proposed agenda
item to remove Mr. Burgmans will be rejected.
In accordance with Dutch company law, the Board will consider the proposal to
hold an EGM and respond within the statutory 14 days.
Elliott Advisors has been threatening to take this action for a number of weeks.
This enabled AkzoNobel, together with its legal advisors, to consider its
position in advance of receiving the request.
AkzoNobel became aware on April 11, 2017 that Elliott Advisors intended to
privately share potentially price sensitive information with PPG about its
decision to request an EGM. AkzoNobel has shared this information with the Dutch
Authority for the Financial Markets (AFM) and calls on Elliott Advisors and PPG
to clarify their relationship and the history of the communications between the
two companies.
AkzoNobel welcomes an open, two-way, and constructive dialog with all
shareholders and is currently very actively engaged in discussions with many
shareholders. AkzoNobel has engaged fully with Elliott Advisors during recent
weeks, including meetings with the CEO, CFO and Chairman of the Supervisory
Board of AkzoNobel.
The Supervisory Board also wishes to reiterate its position on other key
matters:
* AkzoNobel will hold an investor update event on April 19, where it will
outline a new strategy and updated financial guidance, including plans for
the creation of two focused businesses and enhanced long-term value creation
for shareholders and all stakeholders
* AkzoNobel believes that engaging with PPG on the basis of an unacceptable
proposal carries the potential of significant downside for the Company
including its shareholders and other stakeholders
* The latest proposal from PPG continues to significantly undervalue AkzoNobel
and does not substantively address any of the concerns, risks and
uncertainties AkzoNobel raised in its response to the first proposal
* AkzoNobel and its Boards have fulfilled their fiduciary duty to consider the
interests of all stakeholders including shareholders in the evaluation and
rejection of two unsolicited proposals from PPG and have done so
consistently throughout this process
* This request from Elliott Advisors does nothing to affect the fundamental
inadequacies of PPG's proposals or AkzoNobel's current position
This is a public announcement by AkzoNobel N.V. pursuant to section 17 paragraph
1 of the European Market Abuse Regulation (596/2014). This public announcement
does not constitute an offer, or any solicitation of any offer, to buy or
subscribe for any securities in AkzoNobel N.V.
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About AkzoNobel
AkzoNobel creates everyday essentials to make people's lives more liveable and
inspiring. As a leading global paints and coatings company and a major producer
of specialty chemicals, we supply essential ingredients, essential protection
and essential color to industries and consumers worldwide. Backed by a
pioneering heritage, our innovative products and sustainable technologies are
designed to meet the growing demands of our fast-changing planet, while making
life easier. Headquartered in Amsterdam, the Netherlands, we have approximately
46,000 people in around 80 countries, while our portfolio includes well-known
brands such as Dulux, Sikkens, International, Interpon and Eka. Consistently
ranked as a leader in sustainability, we are dedicated to energizing cities and
communities while creating a protected, colorful world where life is improved by
what we do. AkzoNobel had total revenues of ?14.2 billion in 2016: Specialty
Chemicals - ?4.8 billion, Decorative Paints - ?3.8 billion, Performance Coatings
- ?5.7 billion.
Not for publication - for more information
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Contact: Andrew Wood Contact: Lloyd Midwinter
Safe Harbor Statement
This press release contains statements which address key issues such as
AkzoNobel's growth strategy, future financial results, market positions, product
development, products in the pipeline and product approvals. Such statements
should be carefully considered, and it should be understood that many factors
could cause forecasted and actual results to differ from these statements. These
factors include, but are not limited to, price fluctuations, currency
fluctuations, developments in raw material and personnel costs, pensions,
physical and environmental risks, legal issues, and legislative, fiscal, and
other regulatory measures. Stated competitive positions are based on management
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For a more comprehensive discussion of the risk factors affecting our business
please see our latest annual report, a copy of which can be found on our
website:www.akzonobel.com.
PDF Media Release:
http://hugin.info/130660/R/2095687/792744.pdf
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Source: AkzoNobel NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2017 - 07:01 Uhr
Sprache: Deutsch
News-ID 535880
Anzahl Zeichen: 7176
contact information:
Town:
Amsterdam
Kategorie:
Business News
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