"Elliott is disappointed by Akzo Nobel's conduct in relation to PPG's bids, and concerned that Akzo Nobel appears to be ignoring the will of shareholders which seem to strongly support engagement with PPG," it said in a statement. Longtime Akzo shareholder Columbia Threadneedle also said a takeover made sense and the companies boards should engage in talks. Asked to name a shareholder who supports Akzo's plans to spin off its chemicals division rather than entertain talks with PPG, Buechner said he could not comment on individual shareholders. "We've spoken with many stakeholders, we've reached out to a large number of shareholders that are very important to us, we've even stepped into planes and we've travelled to them," he said.