ASMI under shareholder fire
Tuesday 15 January 2008
Chip industry supplier ASM International rose sharply on the Amsterdam stock exchange on Tuesday morning following the news that it had received a critical letter from activist shareholder Fursa.
CFO Naud van der Ven confirmed existence of the letter but declined to go into details. ASMI makes equipment for the processing, assembly and packaging of semiconductors.
Fursa has some 10% of ASMI and has been pressing for change for some time.
According to US media reports, Fursa wants to hive off the loss-making process systems division and has warned ASMI that it will mount a takeover bid to force the issue.
© DutchNews.nl
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It's a shame that shareholders, esp. those operating in these hedgefunds, can force the management (and workers) of firms such as Stork to adapt their strategy because of the short-term profits these locusts hope to make to the detriment of the long term targets the management (with their personnel) aim for. CvK
By cees van kempen | January 15, 2008 2:16 PM