LONDON, April 19 Activist hedge fund Elliott
Advisors said a strategic plan put forward by Dutch paintmaker
Akzo Nobel at an investor day on Wednesday was
"incomplete" given the firm's lack of engagement with U.S.
As part of the plan, Akzo fleshed out its alternative plan
to separate its chemicals business and pay shareholders 1.6
billion euros in extra dividends this year.
Elliott, however, said while it was pleased to about the
move to spin-out the chemicals unit, it noted "with concern" a
"questionable" statement from a Akzo chairman Antony Burgmans
that Akzo's plan would deliver more value than Elliott's.
Among the criticisms was that Akzo had yet to fully engage
with PPG, and was therefore in not position to know what value
could be created.
(Reporting by Simon Jessop, editing bv Maiya Keidan)