MADRID (AFX) – At least three Endesa SA hedge fund shareholders with a total of around 5.5 pct of the company are prepared seek the removal the ‘poison pill’ clause from the utility’s statutes, La Gaceta de los Negocios reported, citing unnamed sector sources.
The clause limits the voting rights of any shareholder to 10 pct of capital, regardless of the size of the stake, as well as preventing representatives from competing companies to sit on Endesa’s board.
Gas Natural SDG SA has already called for the clause to be eliminated as one of the conditions for its 22.5 bln eur hostile bid for the utility.
The hedge funds are expected to propose the move at Endesa’s upcoming AGM – slated for some time this month – but they also have the option to call for an EGM given their over 5 pct combined stake.
