AMSTERDAM, Oct 12 (Reuters) - Dutch-listed ASM International (ASMI.AS) ASMI.O will return to court on Thursday after a shareholder demanded an investigation into the company’s management following losses at a key unit.
Some shareholders want to unlock the value of ASMI’s 52.59 percent stake in Hong Kong-listed ASM Pacific Technology Ltd (0522.HK) by splitting it off from its front end unit, which has been loss-making since 2007 until March this year.
The ASM Pacific stake is worth 1.35 billion euros ($1.87 billion) based on ASM Pacific’s share price — some 395 million euros more than ASMI’s total market capitalisation.
The Dutch commercial court in Amsterdam said in a statement on Tuesday the case between Hermes Focus Asset Management Europe Ltd and ASMI will continue on Thursday after the Dutch Supreme Court in July scrapped an investigation brought by the lower commercial court into ASMI management. [ID:nLDE6680Q3]
The parties will be able to state their demands, taking into account the Supreme Court’s decision, and the commercial court will then make a new ruling.
ASMI, which competes with Applied Materials (AMAT.O) and Novellus Systems Inc NVLS.O, and Hermes declined to comment pending the hearing on Thursday. (Reporting by Gilbert Kreijger; Editing by Greg Mahlich) ($1=.7214 euros)