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CORRECTED-Conwert rejects Adler's request to replace board members
February 12, 2016 / 7:37 AM / 2 years ago

CORRECTED-Conwert rejects Adler's request to replace board members

(Corrects to say that Conwert rejects request to replace board members, not rejects request for EGM)

VIENNA, Feb 12 (Reuters) - Austrian property group Conwert on Friday rejected a request by its major shareholder Adler Real Estate to replace board members.

The German company, which is Conwert’s largest single shareholder with a 22.4 percent stake, wants three of the four members of the board of directors replaced with candidates it chooses.

That “could create substantial conflicts of interest, go against the principles of good corporate governance and potentially lead to a business combination that could discriminate against the majority of the Conwert shareholders,” Conwert said in a statement. (Reporting by Kirsti Knolle; editing by Jason Neely)

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