Shareholder backs F&C
Saturday 15 January 2011
The fund manager F&C Asset Management gained ground in its battle against activist US investors yesterday as its second biggest shareholder, Eureko, publicly backed its board.
The support of Eureko, a Dutch insurer which has operations in eight other European countries, is significant because it is also one of F&C's biggest clients.
F&C is battling against Sherborne, the US investor which has built up a 17 per cent stake and wants to oust its chairman and another director, replacing them with three new directors of its choosing. Eureko has a 9.6 per cent stake in F&C.
Gerard van Olphen, Eureko's chief financial officer, said: "We have every confidence in the board of F&C Asset Management and the strategy it is pursuing. Creating uncertainty around F&C is not in our best interest nor in that of our policyholders. Furthermore, no alternative strategy or business plan has been put forward so far."
The statement came as F&C unveiled plans to outsource part of its back office to cut £12m of costs. An EGM on Sherborne's plans is scheduled for 3 February.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 4 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 5 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...