Elliott steps up pressure on Akzo?

|About: Akzo Nobel N.V. ADR (AKZOY)|By:, SA News Editor

Activist Elliott Management is threatening to use obscure Dutch corporate rules to force Akzo Nobel (OTCQX:AKZOY -2.1%) to consider a sweetened €22.4B bid from rival PPG Industries (PPG -1.3%).

Elliott, which owns a 3% stake in Akzo, agreed that the new offer was too low, but the hedge fund stepped up pressure on Akzo to talk with PPG.

The unusual move comes as some analysts say Akzo's bylaws protect it - not make it more vulnerable.

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