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Rhoen says shareholder to challenge 90 pct acceptance hurdle
May 10, 2013 / 8:21 AM / 4 years ago

Rhoen says shareholder to challenge 90 pct acceptance hurdle

FRANKFURT, May 10 (Reuters) - Rhoen-Klinikum said that shareholder Alecta, a Swedish pension firm, is seeking to challenge the minimum shareholder approval of 90 percent that is required for major strategic decisions at the German hospitals operator.

Rhoen said that Alecta will put to a vote among fellow shareholders at Rhoen’s annual general meeting on June 12, a proposal to scrap the minimum acceptance threshold in the company’s bylaws, which would also apply in the case of a takeover of Rhoen.

The hurdle, initially introduced to prevent an unsolicited takeover, proved insurmountable when Fresenius last year unsuccessfully tried to complete an acquisition that was initially agreed with the founder and with the management of Rhoen.

Shareholders Asklepios, a hospitals operator, and the owner of hospital supplies maker B. Braun, who together hold more than 10 percent in Rhoen, have opposed the Fresenius takeover.

Asklepios, B. Braun and Fresenius said they could not immediately comment. (Reporting by Ludwig Burger)

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