Aug 22, 06:54 AM

Cevian Builds 3% Stake in AkzoNobel, Raising Pressure on Turnaround

Activist fund Cevian Capital has accumulated a stake of just over 3 percent in AkzoNobel, according to a filing published by the Dutch Authority for the Financial Markets on 22 August. The position, equal to slightly more than five million ordinary shares, makes Cevian one of the paint and coatings group’s largest shareholders. The investment comes as Amsterdam-listed AkzoNobel carries out a turnaround programme aimed at cutting costs and improving returns after several profit warnings. Analysts said the arrival of Cevian, which is known for pressing European industrial companies to sharpen focus and boost shareholder payouts, could add pressure on management to accelerate the restructuring effort. AkzoNobel shares rose in early trading after the disclosure. The company and Cevian declined immediate comment on the investor’s intentions.

#Cevian Capital #AkzoNobel #Cevian #European

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Cevian Builds 3% Stake in AkzoNobel, Raising Pressure on Turnaround

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