For Paul Singer, Elliott Associates’ nasty little squabble with Dutch paint and chemical giant Akzo Nobel has been a mixed bag. Sure, he’s already cost one man his job with a second to go early next year. But he couldn’t convince it to sell itself to the company he wanted it to, leading said company to throw up its hands and say, “We don’t want it anymore anyway.” Plus, Akzo really pissed him off. And it annoyingly keeps winning in court. So Paul Singer has done something he does not like to do, accepting an olive branch rather than an unconditional surrender. He gets to help pick three board members, but has to go along with the plan to “separate” Akzo’s specialty-chemicals business and promise not to sue. For three months, anyway. See you all back here in November.
“I am pleased our recent constructive discussions with Elliott improved understanding between both parties,” Mr. Burgmans said in Wednesday’s statement….
“Today’s agreement marks an important next step in positioning Akzo Nobel for success and enabling the company to deliver compelling value to all its stakeholders,” said Elliott CEO Gordon Singer.
Have gritted teeth ever shown so clearly in the printed word?