TOKYO :Shareholders of Cosmo Energy Holdings approved a 'poison pill' takeover defence on Thursday, in a controversial vote that excluded certain activist shareholders and has implications for hostile takeover attempts in Japan.It marks the second such vote on a poison pill in Japan that excludes an investor,
TOKYO :Shareholders of Cosmo Energy Holdings approved a"poison pill" takeover defence on Thursday, in a controversial vote that excluded certain activist shareholders and has implications for hostile takeover attempts in Japan.
Cosmo, Japan's third-biggest oil refiner and 20 per cent owned by a group led by prominent activist Yoshiaki Murakami, can now implement a poison pill to dilute the activists' stake if the group buys more shares without taking steps such as stating its purpose. The group, which called for a spin-off of Cosmo's renewable energy business and a consolidation of refineries, has argued that such a"forcible and oppressive" voting method would only raise the risks of management entrenchment and potentially set back corporate governance in Japan.
Governance experts point to concerns that such votes would fly in the face of shareholder equality and embolden companies in Japan to hang on to much-criticised cross-shareholdings as a defence against hostile takeovers.
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