Elliott Advisors says Antony Burgmans should be ousted because of the Dutch firm's refusal to enter takeover talks with US rival PPG Industries.
In a petition filed with the Dutch Enterprise Chamber, Elliott said Mr Burgmans had not discharged his duties.
Akzo has rejected three offers from PPG, but some shareholders - including Elliott - back the bid.
Mr Burgmans and chief executive Ton Buechner say the bid undervalues Akzo.
The most recent offer, rejected on Monday, is worth 26.9bn euros (£22.7bn).
Elliott, which holds a 3.25% stake in Akzo, had teamed up with other like-minded investors to request an extraordinary meeting to vote on a proposal to remove Mr Burgmans.
However, the company responded by reporting Elliott and PPG to Dutch regulators for possibly sharing potentially "sensitive" information with PPG regarding support for the meeting.
Now Elliott is seeking to "enforce the rights" of shareholders to hold the meeting.
An activist investor in Akzo Nobel is making a legal bid to force the removal of the Dulux paint owner's chairman.
Elliott Advisors says Antony Burgmans should be ousted because of the Dutch firm's refusal to enter takeover talks with US rival PPG Industries.
In a petition filed with the Dutch Enterprise Chamber, Elliott said Mr Burgmans had not discharged his duties.
Akzo has rejected three offers from PPG, but some shareholders - including Elliott - back the bid.
Mr Burgmans and chief executive Ton Buechner say the bid undervalues Akzo.
The most recent offer, rejected on Monday, is worth 26.9bn euros (£22.7bn).
Elliott, which holds a 3.25% stake in Akzo, had teamed up with other like-minded investors to request an extraordinary meeting to vote on a proposal to remove Mr Burgmans.
However, the company responded by reporting Elliott and PPG to Dutch regulators for possibly sharing potentially "sensitive" information with PPG regarding support for the meeting.
Now Elliott is seeking to "enforce the rights" of shareholders to hold the meeting.
Source : BBC
