AkzoNobel’s activist investor ordeal may not over.
Hedge fund Elliott Advisors has become the Dutch firm’s biggest shareholder, according to a regulatory filing this morning.
Elliott, which has been highly critical of the Dulux maker in recent months, now holds a stake of at least five per cent, according to the announcement.
The disclosure comes shortly after US firm PPG Industries gave up, temporarily at least, on its takeover pursuit of Akzo.
Elliott, which first invested in Akzo late last year, led a major shareholder campaign against the firm over its handling of three takeover offers from PPG, the last of which was valued at €26.9bn.
At the end of last month, a Dutch court ruled against an Elliott plea to force an extraordinary shareholder meeting to vote on the proposed ousting of Akzo’s chairman, who was seen as standing in the way of a PPG deal.
Within days, PPG announced it was giving up on Akzo, for the time being. It had a deadline of 1 June to make a fresh bid, under takeover rules, and is not able to lodge another offer for at least six months now.