30 June 2009 16:26 [Source: ICIS news]
PRAGUE (ICIS news)--PKN Orlen has lost an AGM vote for more takeover defences, the Polish oil, chemical and petrochemical group said on Tuesday.
Shareholders voted out a proposal for statute changes that would have prevented non-state shareholders with capital ties from pooling votes in order to get around limits. Each non-state shareholder is only entitled to use 10% of their voting rights.
Analysts said the managment of state-controlled Orlen attempted to introduce the extra defences at the behest of the government.
Following the vote defeat, Orlen's management suspended its AGM for two weeks so that it could prepare a new version of its proposal to put to a new vote. Orlen CEO Jacek Krawiec said he hoped a compromise could be reached.
The state has 58% of the votes at the AGM but a vote of 75% is needed to change the statute.To discuss issues facing the chemical industry go to ICIS connect
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