Wienerberger AG (WIE), the world’s biggest brickmaker, is asking for shareholder approval to lower the control barrier that requires an investor to make a mandatory takeover to 20 percent from 30 percent, according to the invitation for its annual general meeting on May 11.
“All of the company’s shares represent free float,” the company said in explanatory remarks posted on its website today. “If an investor holds 20 percent of voting rights, it would be possible to attain a relative voting majority in the annual general meeting; this could create a situation where an investor can exercise control over the company.”
The 30 percent threshold defined by Austrian law “therefore appears to be too high to protect the justifiable interests of the company’s shareholders,” the Vienna-based company said.
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