Shareholders in Hungarian meat processor Pick has approved the delisting of its shares from the Budapest Stock Exchange.
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An extraordinary general meeting was held yesterday [Monday] to resolve the issue. The APV privatisation authority, which holds a golden share in Pick, had opposed the move and is reported to be considering legal action.
Pick’s majority shareholder, the Arago investment group, will pay HFt4270 (US$15.23) per share to small shareholders opposing the move. Last Friday the Office of Economic Competition (GHV) gave the go-ahead to Arago to take over Pick, giving it 85% of the group’s voting rights, up from its prior 44%. However, the GHV also fined Arago HFt1.2m for raising its stake in Pick in 2001 prior to making a public offer.
