Amsterdam: Dutch paintmaker Akzo Nobel’s chairman will step down next April, having angered some major investors by fighting off a €26.3 billion ($30.6 billion; Dh112.59 billion) takeover bid by US rival PPG Industries. With chairman Antony Burgmans leaving when his term expires, Akzo will have lost the two men who led the resistance to a deal with PPG after the resignation of CEO Ton Buechner last week due to health reasons. Akzo on Tuesday also said its core profit in the second quarter fell 6 per cent to €461 million, due to weak demand in various markets and higher raw material costs.
Akzo Nobel chairman to leave after opposing PPG deal
Company said its core profit in the second quarter fell 6% to €461m