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Supervisory board: Aareal Bank: Major shareholder wants to enforce its own supervisory board by court

Aareal Bank headquarters

The Wiesbaden District Court has to decide which three candidates will soon move into the property financer’s supervisory board.

(Photo: dpa)

Frankfurt Petrus Advisers, Aareal Bank’s largest shareholder, is following up in the dispute over the appointment of the property financier’s supervisory board: The activist investor has proposed to the Wiesbaden district court that three candidates named by him be appointed to the institute’s supervisory body. This emerges from a letter from the shareholder to Aareal Bank.

Background for the process: Since the extraordinary general meeting of Aareal Bank on December 9th, the institute has been missing three supervisory boards. At the request of Petrus Advisers, a majority of the shareholders voted out three members of the supervisory body, but there was no majority for the replacement candidates proposed by the London hedge fund: 56 percent of the shareholders rejected them.

Chairman of the supervisory board Hermann Wagner announced at the shareholders’ meeting that the company would “quickly” fill the vacancies that have arisen within the statutory deadlines. Wagner had only taken over the chairmanship of the board shortly before the general meeting from Marija Korsch, which was also voted out by the shareholders.

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Reference-www.handelsblatt.com

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