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Wella

This article was originally published in The Rose Sheet

Executive Summary

German company's management board agrees to hold extraordinary general meeting following minority shareholder group's recent request for an opportunity to air grievances related to company's acquisition by Procter & Gamble, Wella announces. Slated for Feb. 3, meeting will allow shareholders to discuss proposed steps to protect minority interests, including a special audit to investigate alleged breaches of fiduciary duty by Wella management during and after the P&G tender offer. Minority group outlined issues and proposed solutions in a Nov. 10 letter to Wella CEO Heiner Gurtler (1"The Rose Sheet" Nov. 17, 2003, p. 8). While agreeing to the meeting, Wella asserted there is "no reason" for the shareholder proposal and that the criticism of Wella's management board is "unjustified and inappropriate"...

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