MADRID (Reuters) – The Spanish Association of Minority Shareholders of Listed Companies (AEMEC) recommended that the Chinese group HNA launch a takeover bid for its subsidiary NH Hotel Group if you want to avoid at the next shareholders meeting a defeat in the vote on the removal of its members on the board of the Spanish hotel chain.
the Chinese group is the major shareholder of NH Hotel group, by having 29 , 5 percent of capital and 4 of the 12 board members of the group.
His recent plan to gain control of Radizor Hotel group, a competitor of NH in some European markets, has raised concerns among other shareholders of NH and has been the occasion for the presentation of a proposal for removal of four directors at the next meeting of shareholders of NH on June 21.
the developer of this application was the investment fund Oceanwood, which holds around 10 percent of the capital of NH and has a counselor
Shortly after, three other shareholders -. Henderson (4.2 pct of NH), Schroders (2.5 pct of NH) and Hesperia (9.27 pct of NH) – expressed their support with Oceanwood
Javier Cremades, secretary general of AEMEC, Wednesday closed ranks with these groups: “the plan of HNA. gain control of Radizor is potentially harmful to the interests of minority shareholders of NH “he said.
According Cremades, the Spanish jurisdiction and there are two notable precedents among Spanish listed companies.
“in the ACS / Iberdrola and FCC / Acciona cases the Supreme Court has already ruled that a competitor can not sit and the advice of your opponent”.
Spanish media said Wednesday that the initiative Oceanwood already had the support of 42 percent of the capital of NH, one end of which could not be verified independently.
in the stock market, shares of NH have risen this year more than 17 percent versus a decline of 14 percent of the Ibex-35
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