|
PPG
was also due to meet representatives of the VEB, an organization
that represents shareholders in the Netherlands, but there was
no indication that it would get a hearing from Akzo executives.
Akzo's management, which has rejected the approach and refused
to negotiate, has come under pressure from shareholders to at
least sit down with PPG and discuss its sweetened March 20
offer.
PPG Chief Executive Michael McGarry, who arrived in Amsterdam on
Thursday, said he wanted to meet Akzo "stakeholders" including
local media, shareholders, politicians, employee groups and the
company's boards.
On Friday, McGarry was to meet Bertholt Leeftink,
Director-General Enterprise and Innovation at the Economic
Affairs Ministry in The Hague, a ministry spokesman said. He
declined to provide details.
PPG spokesman Bryan Iams said the company was meeting "various
stakeholders" including government officials, but declined
further comment, citing privacy reasons.
Akzo has said PPG's offer "not only fails to reflect the current
and future value of AkzoNobel, it also neglects to address the
significant uncertainties and risks for shareholders and other
stakeholders".
But many Akzo's shareholders see it differently and have urged
Akzo Chief Executive Ton Buechner to meet PPG's McGarry.
A poll of 50 Akzo Nobel shareholders published by
SanfordBernstein found that 80 percent of them wanted Akzo's
management to enter talks with Pittsburgh-based PPG.
(Reporting By Anthony Deutsch; Editing by Keith Weir)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
