Business briefs
Akzo reaches truce with investor
Dutch paints maker AkzoNobel has reached a temporary truce with its largest investor, Elliott Advisors, an activist hedge fund that was upset when Akzo earlier this year spurned several bids to be acquired by rival coatings giant PPG. Akzo on Wednesday said Elliott agreed to suspend its legal actions against Akzo for at least three months. Elliott also will back Akzo’s plan to spin out its specialty chemicals business. Also, Elliott agreed to support the appointment of Thierry Vanlancker as Akzo’s new chief executive, support two new nominees to the supervisory board, and will have a say in choosing a third board nominee. PPG made three offers for Akzo including a final bid that totaled about $30 billion. When Akzo declined to negotiate with the Pittsburgh-based company, Elliott filed several legal actions seeking to remove Akzo’s chairman, Antony Burgmans. Under Dutch law, PPG can revive a bid for Akzo in December.
Dangerously cheesy? Cheetos pop-up restaurant opens in NYC
A three-day pop-up restaurant devoted to Cheetos, yes Cheetos, opened in Manhattan on Tuesday, with every table already booked with diners ready to pay between $8 and $22 for such creations as Cheetos meatballs, Cheetos crusted fried pickles, Cheetos tacos, Mac n’ Cheetos and even Cheetos cheesecake. Makers of the popular puffed cornmeal snack say the pop-up was
the deliciously shrewd result of whimsy, and marketing after executives noticed Cheetos fans posting their own recipes incorporating the crunchy treat on social media.
Missouri regulators reject Midwest wind power line
Missouri utility regulators rejected a proposed high-voltage power line to carry wind power across the Midwest to eastern states, delivering a significant setback to developers of one of the nation’s longest transmission lines. The decision marked the second time in a little over two years that the Missouri Public Service Commission has denied a request from Clean Line Energy Partners to build its power line through the state.
Union Pacific lays off 500 managers, 250 workers
Union Pacific is laying off 500 managers and 250 other workers to save about $110 million annually and eliminate about 8 percent of the railroad’s managers. The railroad told the affected workers their jobs will be eliminated by midSeptember. Union Pacific CEO Lance Fritz said that eliminating open positions through attrition and improving productivity isn’t enough to cut costs.