UK/GLOBAL - The Universities Superannuation Scheme (USS) decided to sell its stake in Océ to Canon after the Enterprise Chamber of the Amsterdam Court of Appeals rejected the pension fund's request to investigate Canon's tender offer to buy Océ.
In February, USS alleged in a joint request with Hermes that the position of minority shareholders deteriorated following Canon's offer. It also asked the Amsterdam Court of Appeals for the suspension of the resolutions amending Océ's corporate governance rules, taken during Océ's extraordinary general meeting of February 12. (Global Pensions, March 4, 2010)
USS deputy chief investment officer Elizabeth Fernando said: "We were unable to satisfy ourselves that the current corporate governance arrangements would provide us with sufficient safeguards to protect the future value of our investment and therefore felt we had no option but to tender to the bid."
She added USS would be working with other investors in the Dutch market to encourage changes to the Dutch takeover code. The initiative will seek to "ensure minority interests are better protected in similar situations in the future and to ensure the Dutch market remains an attractive market for both companies and investors".
On Tuesday, Hermes also announced it would tender its shares in Océ.
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