TORONTO, June 11 A holding company withdrew its
nomination of a dissident slate of directors for Martinrea
International Inc on Wednesday, saying it wants to
first resolve outstanding issues with the Canadian auto parts
Nat Rea, president of Toronto-based holding company Rea
Holdings Corp, and a former executive at Martinrea, had urged
investors to replace the bulk of Martinrea's eight-member board
at its June 19 annual meeting with five new nominees, including
a one-time Magna International executive.
But the group failed to get any support from proxy advisory
firms Glass Lewis & Co and Institutional Shareholder Services,
the Globe and Mail newspaper reported on Tuesday.
Rea, whose holding company owns 100,000 Martinrea shares, or
0.1 percent of the total, said in a statement that he would
continue his fight for shareholder rights from outside the
director's suite. He did not specify what outstanding issues he
wants to resolve.
Vaughan, Ontario-based Martinrea manufactures a range of
auto parts for North American, European and Asian carmakers,
such as engine blocks and fuel tanks.
(Reporting by Susan Taylor; Editing by Richard Chang)