Dutch paintmaker Akzo Nobel's chairman will step down next April, having angered some major investors by fighting off a €26.3 billion takeover bid by US rival PPG Industries.
With 70-year old Antony Burgmans leaving when his term expires, Akzo will have lost the two men who led the resistance to a deal with PPG following the resignation of chief executive Ton Buechner last week on health grounds.
Adding to the pressure on Akzo, its second-quarter profit fell short of expectations on Tuesday, while the company dismissed demands made by major shareholder Elliott Advisors for a vote on the immediate ousting of Mr Burgmans.
Akzo and PPG are in a six-month cooling-off period which is set to expire in December and analysts said a possible deal could be rekindled as new management beds in.
Akzo on Tuesday said its core profit in the second quarter fell 6 per cent to €461 million, due to weak demand in various markets and higher raw material costs. – (Reuters)
