Major to advise company at centre of Astec furore
Thursday 04 February 1999
Emerson, an electronics giant based in St Louis, Missouri, was faced by legal action by 18 City institutions when it sought to buy out the minority shareholders in Astec, a UK listed company, in spring 1998.
Mr Major already has an advisory role with another US company, Carlyle Group, based in Washington DC. Carlyle Group has been seeking a deal with Vickers, the British company, over the manufacture of armoured vehicles.
The ex-prime minister is still active politically, addressing the House of Commons on Tuesday on the proposed reform of the House of Lords.
Mr Major's new job is likely to raise eyebrows in the City. Emerson had built a 51 per cent stake in Astec and then offered to buy out the rest at the prevailing market price of 111p. At the same time Emerson announced its intention to remove three Astec executive directors and replace them with Emerson appointees, while also voting to stop Astec's dividend payments.
This prompted the 18 mainly British institutions which represented a quarter of Astec's shares to issue a statement saying they "protested vigorously at the tactics currently employed by Emerson in its attempt to wrest control from Astec's independent board".
The group included Clerical Medical, Electra Fleming, Legal & General, Norwich Union and Royal & SunAlliance. They challenged Emerson's tactics in the courts, but lost. Emerson retreated and then quietly bought the remaining Astec shares at the end of last year.
An Emerson spokesman said Mr Major's new role was "designed to advise Emerson on the changing business climate in Europe. He will be paid, but the amount is confidential. The Advisory Council will meet two or three times a year, and Mr Major may be consulted on an ad hoc basis."
- 1 Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
- 2 New Zealand 'the best country to work as a prostitute', says sex worker advocacy group
- 3 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 4 Mother 'will allow son's circumcision in return for release from prison'
- 5 Female Muay Thai champion hustles coaches to give them a beating
Greek hospitals cannot afford painkillers, scissors or sheets as budget cuts bite
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Picture of couple posing with beached dolphin 'that later died' causes outrage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...