‘Shareholders sidelined in Essent sale’

The influence of Essent’s local authority shareholders on the management’s decision to sell the company to Germany’s RWE was ‘virtually zero’, according to confidential research quoted by news agency ANP.

The report was commissioned by Noord-Brabant province, which is divided about the sale, ANP says.
As soon as the takeover was made public, the shareholders committee gave its approval.
‘The company sold itself as the shareholders looked on,’ Mieke Geeraedts, head of the local right-wing Liberals VVD told ANP. The VVD fears that the proceeds from the sale may not go to the province itself. In addition, the party is not convinced that Essent needs to be taken over to survive.
Noord-Brabant owns a key 30.8% of Essent. RWE has said the sale will only go through if at least 80% of the shares are tendered.
Noord-Brabant provincial councillors will vote on the sale in two weeks.

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