ThyssenKrupp CEO says granting Krupp foundation extra board seat 'appropriate' |
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Published
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Fri, 19 Jan 2007 10:48
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DUESSELDORF, Germany (AFX) - ThyssenKrupp AG chief executive Ekkehard Schulz said company plans to grant the Alfried Krupp von Bohlen und Halbach foundation an additional seat on the supervisory board are 'appropriate', taking its long-standing support for the company into account.Minority shareholders will ask 'why they should support a measure that will benefit one of the major shareholders,' Schulz said in an advance copy of the speech scheduled for delivery at today's AGM.Schulz highlighted that 'The foundation has accompanied this company as the largest shareholder for more than 40 years now', adding that in 'today's times' the board puts an especially high value on such a loyal shareholder.ThyssenKrupp last month announced that the foundation wanted to increase its representation on the supervisory board to three from two seats once its stake in the company surpassed 25 pct.The foundation said Dec 29 that its ThyssenKrupp stake was 25.10 pct, up from 23.71 pct.Given the high level of merger activity in the steel sector, many view the increased board representation as a poison pill against a possible takeover bid.A report appeared in the German press today stating that ThyssenKrupp could face a lawsuit from the DSW Association for the Protection of Shareholders if it goes ahead with plans to grant the Krupp foundation an additional seat on the supervisory board.'We will examine all legal options to oppose it,' DSW spokesman Juergen Kurz told Handelsblatt.alfred.kueppers@afxnews.comamk/vlbCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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ThyssenKrupp could face lawsuit over supervisory board appointment 