Hartwall lost Stockmann power battle

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Hartwall Capital proposal to combine the share series of Stockmann Group was voted down at the General meeting.

Åbo Akademi Foundation, Karl Wilhelm Stockmann and Niemistö family opposed any proposal and thus supported Konstsamfundet.

It was organized for a power struggle at the annual meeting when the Hartwall family, which owns a large number of limited voting shares, proposed a merger of the share series of Stockmann, something that would change the balance of power in the company – but according to the proposal strengthen the share value.

Hufvudstadsbladet writes that the Chairman of the Meeting, Stefan Wikman, made a preliminary measurement of the relative strength through questioning representatives of the largest shareholders and noted that the issue was thus settled.

Hartwall Capital’s CEO Eeva Ahdekivi however, demanded a regular ballot.

“We want to measure the precise support for our proposal, not just whether it goes through or not,” said Ahdekivi.

She says among other things that a single share series best ensures the ability of Stockmann to raise new capital on the market at the best possible price.

Hartwall Capital won, however, another poll. The meeting did not give the Board the authority to issue 20 million new shares.

And there was no profit distribution to the shareholders of Stockmann as the company made a negative result. It was the second consecutive year the owners did not get any money.