March 10, 2016 / 5:26 PM / 4 years ago

Fubon backs activist attempt to derail Delta Lloyd rights issue

AMSTERDAM, March 10 (Reuters) - Delta Lloyd said its third-largest shareholder Fubon has joined activist shareholder Highfields Capital in opposing a rights issue the Dutch insurer says is the only way it can meet new European capital requirements.

Activist shareholder Highfields Capital has filed suit in a Dutch court seeking to derail the proposed 650 million euro ($726.6 million) rights issue before it is put to a shareholder vote on March 16. The case is due to be heard on Monday.

Fubon owns about 5 percent of the insurer, making it the third-largest shareholder behind Highfields, which owns 9 percent.

$1 = 0.8946 euros Reporting by Thomas Escritt; editing by David Clarke

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