AkzoNobel NV has reached an agreement with affiliates of Elliott Advisors (UK) Limited (Elliott) following recent constructive dialogue, with the aim of normalizing the relationship with its shareholders.
The agreement includes alignment on the AkzoNobel strategy to fully separate specialty chemicals. In addition, Elliott will support the appointment of Thierry Vanlancker as a member of the board of management of AkzoNobel.
AkzoNobel and Elliott have also agreed, to seek to suspend all ongoing litigation for at least three months.
In addition, the company announced the nomination of two new members to its supervisory board, Sue Clark and Patrick Thomas. Elliott supports their appointment.
Further, AkzoNobel intends to nominate a third supervisory board member, which will be done in consultation with the company’s major shareholders, including Elliott.
“AkzoNobel remains focused on creating two world-class, high-performing businesses; specialty chemicals and paints and coatings. We look forward to a continued constructive relationship focused on creating value for all shareholders and other stakeholders. This agreement is fully in line with our ongoing program to strengthen and maintain a constructive dialoguewith all our shareholders,” said Antony Burgmans, chairman of the supervisory board of AkzoNobel.
Read more: AkzoNobel, Elliott sign agreement to strengthen dialogue with shareholders
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