Rolls-Royce Says Talks Progressing on ValueAct Board Seat
- U.K. aero-engine manufacturer says no decision taken as yet
- Newspaper report says fund's C00 is directorship candidate
This article is for subscribers only.
Rolls-Royce Holdings Plc said talks are under way over granting activist shareholder ValueAct Capital Management a seat on the troubled aircraft engine maker’s board, though nothing has been decided.
ValueAct owns 10 percent of Rolls, making it the No. 1 investor in a company whose stock has declined 30 percent in a year. Bradley Singer, The U.S. firm’s chief operating officer, is being mooted for the directorship, and the move may be put to Rolls’s annual meeting May 5, the Financial Times said Wednesday.