Vulture fund defeated

A DUTCH court yesterday backed Dulux paint maker Akzo Nobel against aggressive investor Elliott, ruling the firm does not have to allow shareholders a vote on dismissing its chairman.

Antony Burgmans, 70, is set to step down next April, but Elliott wants him out sooner. An Amsterdam court said that the request was premature, given Akzo is to have a shareholder meeting in September to try to mend relations.