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Nipponkoa shareholders re-elect CEO,reject fund move

Wed Jun 25, 2008 10:35pm EDT

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TOKYO, June 26 (Reuters) - Shareholders of NipponKoa Insurance Co Ltd (8754.T) voted on Thursday to re-elect chief executive Makoto Hyodo, rejecting the attempt by a U.S. investment fund to oust him.

Southeastern Asset Management has said it would vote against the re-election of Hyodo, saying he had failed to "articulate and implement plans to enhance NipponKoa's value to all stakeholders". [ID:nT262370]

According to a filing with authorities in March 2007, Southeastern had an 18.3 percent stake in NipponKoa.

(Reporting by Emi Emoto and Nathan Layne)



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