Akzo Nobel (AKZO.AS) said it had reported one of its own biggest shareholders, Elliott Advisors, and its suitor PPG Industries (PPG.N) to regulators for possibly sharing "sensitive" information about shareholders' intentions to call an extraordinary meeting to replace Chairman Antony Burgmans. Burgmans is viewed as an opponent to the deal but Elliott has pressed the company to engage with PPG.
Elliott is hoping the move will add to pressure on Akzo (akzoy) to negotiate a potential sale to US coatings manufacturer PPG Industries (ppg).
The group said it would consider the EGM request, as is required under Dutch law, and respond to Elliot within 14 days.
"AkzoNobel became aware on April 11 that Elliott Advisors meant to privately share potentially price sensitive information with PPG about its decision to request an EGM", the company said.
The sources asked not to be identified because the deliberations are confidential.
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Private equity firms and smaller companies seeking to team up with buyout firms to make offers will participate in a sale process for the specialty chemicals unit, the sources said.
Mr. Burgmans, a former chairman and chief executive of Unilever PLC, is seen as an opponent of a PPG takeover. PPG shares are up 16% since he became CEO in September 2015.
Akzo last month rejected a $24 billion offer from PPG after rebuffing an earlier $22 billion bid.
A spokesman for Elliott Advisors said: "As widely commented by PPG Industries in the media, PPG has met and communicated with Akzo Nobel's top 20 shareholders; as one of the top 20 shareholders of Akzo Nobel, Elliott has therefore, as a matter of course, met and communicated with PPG".
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