Elliott, which has a 13.5% stake in Kabel Deutschland (KDG) via the Elliott Associates LP and Elliott International LP hedge funds, the German cable television operator, has requested a court in Munich give it permission to see a special report prepared by an auditor who probed the actions of Kabel and Vodafone prior to, and during, the British mobile group’s takeover last year.
“First, Vodafone tried to cancel the special audit. Next, the management of KDG criticized the special auditor’s report. Now, the management is refusing to provide shareholders with access to the report.” Elliott made the following statement in conjunction with the filing, regarding KDG’s refusal to provide the report.
“This pattern of obstructing shareholder attempts to gain transparency into the Vodafone transaction is unacceptable and lacking any legal basis. Furthermore, it is absurd that the company has criticized the special auditor’s report but won’t make that report accessible to shareholders. What is in the report that the company doesn’t want shareholders to see? Shareholders have the right by law to access the report – in full and unredacted – and evaluate its conclusions for
Elliott says that according to the Stock Corporation Act, and German law, shareholders have the right to access the report.
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