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On Monday, a Netherlands court ruled in favor of paint and coating company Akzo Nobel (AKZOY) in a legal battle with U.S. activist investor Elliott Management to remove the Dutch company's chairman, the Wall Street Journal reports.

This ups the pressure on U.S. coatings and specialty materials company PPG Industries (PPG) to make a hostile takeover bid, or drop its pursuit of the Dutch company.

Elliott took Akzo to court earlier in May to have Anthony Burgmans removed from his position saying he failed to "discharge his fiduciary and corporate government duties" after Akzo rejected PPG's latest offer of $29.49 billion without negotiating a deal first, the Journal said.

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