The Anglo-Saxon world never tires of giving lessons in good corporate behaviour to continental Europe. But events on May Day this week suggest the critics should be a bit more cautious before launching into their diatribes. Take Rupert Murdoch’s unsolicited approach for the Dow Jones group. In spite of offering an unheard of 65 per cent premium, he has found himself stymied by a minority family shareholder holding a majority of votes – a practice he should know all too well from his own family control structure at News Corp.
Even by continental European standards, this poison pill looks excessive. The Bancroft family owns 24.7 per cent of the shares but 64.2 per cent of voting rights. So much for one share one vote.
See full Article
Posts
