June 28, 2018 / 4:13 AM / 3 months ago

Takeda shareholder group proposal fails to pass at AGM

TOKYO, June 28 (Reuters) - A group of Takeda Pharmaceutical Co Ltd shareholders trying to build support to block the $62 billion acquisition of London-listed Shire Plc failed to get a proposal passed at the drugmaker’s annual general meeting (AGM) on Thursday.

The group had proposed requiring advance shareholder approval for large acquisitions. Takeda’s board has said such a requirement would damage the company’s competitiveness.

The group told Reuters earlier this month it did not expect its proposal to pass on Thursday. It also said it is working to persuade the third of shareholders needed to block another proposal for a later shareholder meeting that will function as a de facto vote on the Shire deal.

The percentage of votes in favour of the proposal on Thursday, which would provide indication of whether the group is building support, was still being calculated and will be announced within a week, a company spokesman said.

Reporting by Sam Nussey Editing by Christopher Cushing

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