Vulture fund’s warning

eLLIOTT advisors has launched a fresh attack on the maker of Dulux.

The vulture hedge fund has called on paint-maker akzo nobel to clarify its plans for the future following the resignation last week of boss Ton Buchner.

Buchner was replaced by Thierry Vanlancker, the company’s chemicals division boss. Under Dutch law, however, shareholders have to vote on the appointment of a boss at an extraordinary general meeting.

elliott called on akzo to confirm shareholders could add resolutions to the agenda at the next meeting – claiming any attempts to prevent the move would ‘exacerbate the crisis of confidence’ between shareholders and the firm.