(Reuters) Elliott Advisors, the hedge fund with a 3.25 percent stake in Dutch paint maker Akzo Nobel (AKZO.AS), has identified shareholders representing 25 percent of the company’s owners who want it to engage in takeover talks with PPG Industries (PPG.N), according to Dutch newspaper FD.
Akzo has rebuffed a 24.4 billion euro ($26.4 billion)takeover proposal from PPG and declined “engaging” with the U.S. company, saying it will detail plans to spin off its chemicals division instead.
