Akzo Nobel chairman to leave after opposing PPG deal

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.