Akzo Nobel N.V., stylised as AkzoNobel, is a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide.
They created a joint venture, the NV I.S.E.M., whose successes and profits laid the foundation for the ENKA's subsequent acquisitions and mergers and which was eventually absorbed by the AKU in 1938.
The KNZ was formed in 1918 by Ko Vis as a salt producing company; a business that to this day plays an important role in AkzoNobel's activities.
[8] After the merger of AKU and KZO, Akzo made a number of other critical acquisitions; Armour and Company in 1970,[9] Levis Paints in 1985, specialty chemicals division of Stauffer in 1987 and divested its polyamides and polyesters plastics engineering business to DSM in 1992.
Courtaulds was merged with Akzo Nobel Fibres forming Acordis, which in December 1999 was divested to CVC Capital Partners.
[13] In December 2012, AkzoNobel agrees to sell its North American Architectural Coatings business to PPG Industries for $1.1 billion.
[20] In March 2017, PPG Industries launched an unsolicited takeover bid of €20.9 billion, which was promptly rejected by AkzoNobel's management.
Elliott, which has a 3.25% stake in the company, claimed it was one of a group of investors that met the Dutch legal threshold of 10% voting-share support, which is needed to call an extraordinary meeting to vote on a proposal to remove Burgmans.
[25] On 13 April, Templeton Global Equity said it was among another group of investors calling for an extraordinary meeting of AkzoNobel shareholders to discuss Burgmans continued tenure as Chairman.
[26] Later, in the same month Akzo outlined its plan to separate its chemicals division and pay shareholders €1.6 billion in extra dividends, in order to attempt to hold-off PPG.
[35] On 2 May, Reuters revealed that the supervisory board of Akzo was meeting to discuss how to deal with PPGs third offer, still maintaining it did not value the company highly enough.
[36] In early May, Akzo again rejected PPGs bid, citing the deal still undervalued the company, as well as potentially facing antitrust risks, and not addressing other concerns such as "cultural differences".
[42] International Paint Limited, owned by AkzoNobel were fined £650,000 and ordered to pay costs of £144,992 in a prosecution brought by the Environment Agency for allowing the banned highly toxic chemical tributyltin to be released into the river Yealm estuary at Newton Ferrers.