Richemont shareholders reject proposals from activist fund Bluebell | Photo credits: © Richemont
by Silke Koltrowitz
PARIS, Sept 7 (Reuters) – Swiss luxury group Richemont easily repelled an offensive by activist fund Bluebell Capital at a lively general meeting on Wednesday.
An overwhelming majority of shareholders has indeed rejected the candidacy for the post of director representing the holders of A shares of Francesco Trapani, a former senior executive of LVMH, defended by Bluebell.
Outgoing administrator Wendy Luhabe was reappointed with 83.97% of the vote, against 9.5% for Francesco Trapani.
The meeting also rejected Bluebell’s proposal to double the minimum number of members of the board of directors and that of an equal distribution of seats on the board between holders of A and B shares.
(Report Silke Koltrowitz and Mimosa Spencer, French version Marc Angrand)