LONDON, April 3 A top-20 investor in Akzo Nobel
said on Monday he wanted the firm to engage with U.S.
rival PPG Industries over a revised bid raising pressure
on the Dutch paint maker to begin talks.
Chief Executive Ton Buechner has so far refused to do so,
saying PPG has yet to address "key stakeholder issues" - a
position he reiterated on Monday in the face of growing
opposition from shareholders led by activist investor Elliott
The investor said while Buechner had "done a fantastic job
since he took over", the revised cash-and-share offer of around
90 euros a share was "at a level where the company's got to
engage; it's a decent offer", given he valued Akzo at around 75
euros a share as a standalone firm.
Valuation, and not politics or the governance structure,
should be the only thing that prevented a deal from taking
place, he added, and it was up to Buechner to show how he
intended to close the valuation gap.
Akzo is due to detail its plan to boost shareholder value on
Apr. 19, including a spin-off of its chemicals division. The
investor said the move would be unlikely to deliver much in
terms of value accretion to shareholders, although it depended
on the price.
(Reporting by Simon Jessop; editing by Pamela Barbaglia)