LOS ANGELES--(BUSINESS WIRE)--Causeway Capital Management LLC, a firm specializing in active global and international equity investing, today issued to following letter to the Board of Directors of Akzo Nobel, N.V.:
April 28, 2017
Dear Board and Executive Committee Members,
We are extremely disappointed with the board's decision to reject the EGM request submitted by Akzo Nobel’s (hereafter Akzo's) shareholders. Your decision reflects poorly on Akzo's corporate governance.
PPG’s most recent proposal is both thorough and addresses all stakeholders. We believe that our clients in aggregate represent one of the largest shareholdings in Akzo, and we find it incomprehensible that Akzo’s management has yet to engage with PPG. We continue to believe that combining Akzo and PPG would create a stronger company with improved prospects for all stakeholders.
Please do not hesitate to contact us if you have any questions.
Sarah H. Ketterer, CEO
Harry Hartford, President
About Causeway Capital Management LLC
Causeway Capital Management LLC provides equity investment management services to institutional clients including corporations, pension plans, public retirement plans, sovereign wealth funds, superannuation funds, Taft-Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts and funds, wrap fee programs and other institutions. The 100% employee-owned firm, based in Los Angeles, began operations in June 2001 and manages approximately $49 billion in international, global and emerging market equities, both long only and long-short. Causeway employs a blend of fundamental and quantitative investment strategies, and offers its clients access to the firm's proprietary risk analytics.