Mundial Confianca shareholders fight amongst themselves
Mundial Confianca, the company at the centre of Portugal's referral to the European Court of Justice is now facing a minority shareholder revolt.
A group of minority shareholders used full page adverts in the Financial Times and the Wall Street Journal to allege that Champalimaud's deal with Banco Santander Central Hispano was something that only benefited him. Specifically in adverts aimed at other shareholders it stated that 'He gets a huge premium. You get zero'. The dissenters want shareholders to agree to the revised BCP bid for the company.
Naturally the board are not pleased and stated that they were considering action for libel. In its defence the board pointed to a 550% increase in the share price in a three year period. The Portuguese Stock Market regulator also said it would investigate whether the adverts broke Portuguese regulations. As the adverts did not appear in Portugal what recourse it would have if the adverts broke Portuguese regulations is not clear.
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