Dulux maker AkzoNobel has set out plans to win over shareholders as it resists a takeover approach from the US.
The Dutch company, which has come under intense scrutiny from shareholders over its refusal to engage in talks with PPG Industries, today said it will release an investor update on 19 April.
The company said it would “outline plans for the creation of two focused businesses and enhanced long term value creation”. Its plans include separating its chemicals division.
AkzoNobel has rejected two unsolicited takeover approaches from PPG in recent weeks, the latest valuing the target at €22.4bn (£19.4bn).
Last Wednesday, activist investor Elliott Advisors blasted AkzoNobel over its “failure to engage” with PPG.
Later in the week, six institutional investors – Columbia Threadneedle, Causway Capital, Franklin Templeton, Henderson, Harris Associates and Southeastern Concentrated Value – joined Elliott’s call for AkzoNobel to meet PPG.
“We have, during recent years, achieved record performance levels for AkzoNobel in terms of profitability and a range of operational measures, generating value for shareholders,” AkzoNobel chief executive Ton Buchner said today. “We are delivering on our commitments.
“AkzoNobel is now a leaner, more agile company with a solid financial and operational foundation and a focus on accelerating growth.
Our new strategy will further unlock the value within the company, including the creation of two focused businesses. We are convinced we have a strong platform to build further on our leadership positions to deliver improved profitability and additional long term value creation for shareholders, employees, customers, the communities where we operate and other stakeholders.
He added: “We are best placed to deliver these plans ourselves, building on the existing momentum we have within the company. We look forward to sharing more details on our vision of the future for AkzoNobel.”