Shareholder body writes to AkzoNobel, the Dulux paint maker, complaining that the company is looking at a fresh merger proposal after publicly stating it would “go it alone”.
AkzoNobel is under further fire from shareholders over its talks with American rival Axalta, given its earlier commitment to go it alone and after shunning suitor PPG Industries earlier this year.
Shareholder association VEB (Vereniging van Effectenbezitters), which represents about 42,000 investors both private and institutional, has written to the company about its concerns.
“The loudly announced plans to grow on their own are no longer to be taken seriously, now that it is clear that Akzo is steering towards a merger with the American Axalta,” said VEB in a press release accompanying the letter.
It added that the talks with an
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