Uniper board urges rejection of Elliott proposal

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German utility company Uniper SE (UN01.XE) said Wednesday that its supervisory board recommends shareholders reject the Elliott Management-backed proposal for a special audit related to the takeover bid by Finland’s Fortum Oyj (FORTUM.HE).

Elliott-affiliated shareholder Cornwall Luxembourg Sarl, which holds an 8% stake in Uniper, proposed the motion earlier this month.

“There are certain indications that members of the management board of Uniper SE tried to obstruct the success of the takeover offer, in this attempt breaching their duties and possibly causing damage to Uniper SE,” Cornwall said in a statement on May 4.

Uniper’s management recommended shareholders not support the Fortum offer.

The company holds its annual general meeting on June 6.



Source : MTV