Jun 23 (NHK) - Cosmo Energy Holdings has won shareholder approval for a plan to fend off a possible takeover bid by activist investors.
The major Japanese oil wholesaler is 20 percent owned by a group of investors that includes well-known activist Murakami Yoshiaki. The group had proposed appointing lawyers of its own choice as external board members.
Murakami's side has complained that Cosmo's board resisted calls to discuss splitting off a subsidiary in charge of the renewable energy business.
Cosmo's management has decided to implement a so-called "poison pill" strategy by distributing share options to existing stockholders. This aims at diluting the group's stake if it buys more shares without undergoing proper procedures. ...continue reading