💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Steel Partners seeks shareholder OK on Sapporo board

Published 03/08/2010, 03:19 AM
Updated 03/08/2010, 03:32 AM

* Steel Partners wants six news board members

* Sapporo is smallest of Japan's major beermakers

* Sapporo to have annual general shareholders meet in March

(Adds details)

TOKYO, March 8 (Reuters) - U.S. fund Steel Partners said on Monday it would ask shareholders of Japanese brewer Sapporo Holdings to back its proposal for new board members, in a bid to help the company cope with a declining domestic market.

Japanese brewers have been under increasing pressure as the country's population ages and tastes change.

"Sapporo's existing board and management team have been given a sufficiently long period of time to demonstrate the effectiveness of their (business) strategy, and we belive they have failed," Warren Lichtenstein, who leads the fund, said in a statement.

Steel Partrners, the largest shareholder in Sapporo with an 18 percent stake, is seeking the support of Sapporo shareholders to appoint six nominees it recommends and four current directors whom it supports for re-election, it said in the statement.

Sapporo, known for its "Yebisu" and "Sapporo" beer brands, is the smallest of Japan's major brewers and it has so far been overshadowed by rivals such as Kirin Holdings and Suntory Holdings in overseas expansion.

Steel Partners is known in Japan as an activist fund seeking higher returns out of poorly performing companies. The U.S. fund in 2008 succeeded in ousting the president and most of board members of a wigmaker Aderans Holdings.

Sapporo Brewery will hold an annual general shareholders meeting on March 30. (Reporting by Junko Fujita; Editing by Joseph Radford)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.