Takeover target Panalpina’s board of directors is to hold an extraordinary general meeting (EGM) on April 5, which will also support the motion of the shareholder Ernst Göhner Foundation (EGF) to implement the One Share – One Vote standard "to further enhance the company’s corporate governance".
This would lift the 5% registration restriction and the 5% voting restriction, and comes as Panalpina is also the subject of a takeover bid by DSV, while it is also negotiating a possible tie up with Kuwait-headquartered forwarder Agility.
In a statement, the Panalpina board said: "With a view to facilitate shareholders’ registrations in the share register, it was decided to dispatch the formal invitation letter only on March 15, 2019 and to close the share register on March 14, 2019 (17:00 local time) in line with Panalpina’s articles of association.
"On February 25, 2019, EGF requested to amend the articles of association of Panalpina by lifting the 5% registration restriction and the 5% voting restriction in order to further enhance the company’s corporate governance. "
The Panalpina EGM will be held at the Congress Center Basel, Switzerland and will start at 14:00 local time.
