Akzo Nobel CEO: Initial Investor Response on Chemical Business Separation Plan 'Positive'
19 Abril 2017 - 12:05PM
Dow Jones News
By Christopher Alessi
LONDON--The chief executive of Dutch chemical and paint giant
Akzo Nobel NV on Wednesday said investors appeared to respond
positively to the company's plan to separate its specialty
chemicals business within 12 months.
There was an "initial positive reaction," Ton Buchner said of
investors he spoke with directly after a shareholder event.
Mr. Buchner used the event to outline in detail a dual-track
strategy for either spinning off the specialty chemicals unit as a
separate entity or selling it outright.
The announcement comes as Akzo is warding off a $24 billion
takeover approach from U.S. rival PPG Industries Inc. and efforts
by activist investor Elliott Management Corp. and others to force
the Dutch firm to the negotiating table.
Mr. Buchner has refused to speak with PPG's management.
In an interview with the Journal, the CEO said that unlike PPG's
takeover proposal, there is a "certainty of execution" around his
plan to separate the specialty chemicals division and create value
for shareholders.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
April 19, 2017 10:50 ET (14:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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