JAPAN: Investors vote yes to Sapporo defence
Shareholders in Sapporo Holdings have approved the Japanese company's anti-takeover measures, according to local reports.
Japan's Kyodo news agency said today (29 March) that investors at a Sapporo AGM had given the green light to the plans, designed to protect the company from a hostile takeover.
Sapporo shareholders had faced calls to reject the proposals from US private equity group Steel Partners, which owns over 17% of Sapporo and has intimated that it wants to increase its stake.
According to the report, Steel Partners said the measures would not be in the interests of shareholders as they would give to much power to Sapporo's management.
However, Sapporo president Takao Murakami said the plans would benefit the beer and soft drinks producer. "With the approval, we renewed our resolve to raise our corporate value," Murakami was quoted as saying.
The report said that Murakami had also insisted that Sapporo's management had not received any response from Steel Partners when it asked the hedge fund to explain why it wanted to increase its stake in the company.
Sapporo Holdings has rejected requests for further information from US private equity group Steel Partners, who is looking to up its stake in the brewer and soft drinks company....
Domestic beer and beer-like drink shipments in Japan registered a slight rise last month, according to recent statistics....
Steel Partners has reignited its bid to increase its stake in Japanese brewer and soft drinks company Sapporo Holdings....
SABMiller is set to make its first foray into the Japanese market....
Japanese brewers Sapporo, Asahi, Kirin, Suntory and Orion have shown a second straight month of year-on-year decreases in beer shipments, according to reports....
Steel Partners has warned Sapporo Holdings that its 'advanced warning system' (AWS) is being used in an "inappropriate" manner to ward off attempts by the company to buy the Japanese firm....
Brick Brewing Co. has made itself available to purchase....
Sapporo Holdings posted a net loss for the first quarter, as a result of increased costs on product advertising, but losses at the Japanese brewer have narrowed from the first quarter of 2006....
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