March 20 Hedge fund Elliott Management Corp,
which is in the throes of a proxy battle with Arconic Inc
, demanded on Monday an independent review of the
company's voting agreement with private equity firm Oak Hill
Last week, Arconic disclosed that in August 2016 the company
had reached a two-year deal with its sixth biggest shareholder,
Oak Hill, which had agreed to vote in favor of directors
nominated by Arconic's board. (bit.ly/2mmwXuw)
The deal was part of a resolution of a "working capital
adjustment" in connection with Arconic's acquisition of aircraft
parts maker Firth Rixson from Oak Hill.
Arconic said earlier on Monday that it had waived the
limited voting commitment with Oak Hill.
Elliott, which owns a 13.2 percent stake in Arconic, has
been pressuring the company for Chief Executive Klaus
Elliott said on Monday that Arconic's board must take
immediate action to dismiss anyone who devised, authorized and
participated in negotiating the "secret vote-buying agreement",
thereby "converting company assets for personal benefit".
(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju