Akzo Nobel Chairman Burgmans, opponent of PPG takeover, to depart

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

Akzo Nobel (OTCQX:AKZOF, OTCQX:AKZOY) Chairman Antony Burgmans will leave the company next April when his term expires, marking the second departure of a key opponent of the PPG Industries (PPG +1.5%) takeover bid following the resignation of CEO Ton Buechner last week.

Akzo and PPG are in a six-month cooling off period which is set to expire in December, and analysts say a possible deal could be rekindled as new management takes hold.

Adding to the pressure on the company, Akzo reports below consensus Q2 earnings while also dismissing demands made by major shareholder Elliott Advisors for a vote on the immediate ousting of Burgmans.

Elliott responds that Akzo "has chosen yet again to flout fundamental shareholder rights" by not giving investors the opportunity to add items to the agenda at the company's Sept. 8 shareholder meeting.