Shareholders at AkzoNobel approved a proposal to spin off the company’s chemical unit this week.
The plan to separate the chemicals business has been in the works for months and was pitched to shareholders as a way to streamline the company’s portfolio and drive growth.
According to a report in Reuters, some shareholders are still sour about AkzoNobel’s rejection of a takeover bid by American paint-maker PPG.
“Confidence in the supervisory board has still not been restored,” a spokesperson for an AkzoNobel shareholder said.
The company’s chemicals business is valued at nearly $12 million and has about 9,000 employees around the world. The spinoff is expected to be finalized in April.
