A COATINGS firm’s takeover saga has taken another twist after a shareholder group took the business to court.

Activist investor Elliott Advisors wants AkzoNobel to start talks with PPG Industries over a £22.7bn approach.

AkzoNobel, which has revealed plans to expand operations in Gateshead, says PPG’s attempts have displayed “a lack of understanding”, adding the bids could cause job losses.

However, Elliott has now forced a hearing at the Dutch Enterprise Chamber in Amsterdam, following up a previous warning that it would take action.

Elliott hopes to push AkzoNobel into an extraordinary general meeting, where investors will be able to vote to remove senior boss Antony Burgmans.

The calls come after AkzoNobel turned down three bids from PPG Industries, which runs a plant in Shildon, County Durham.

A ruling could come as early as next week.

Dulux maker AkzoNobel, which previously unveiled £10.7m plans to bolster operations at a Gateshead research hub and secure hundreds of jobs, previously dismissed Elliott’s calls as “irresponsible”.

Rather than enter into negotiations, it announced plans to sell or spin off its chemicals business and return the “vast majority” of net proceeds to shareholders, and laid out proposals to pay £1.3bn in extra dividends.