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April 18, 2008

SWEDEN: Strife-torn Cloetta Fazer abandons AGM

Nordic confectionery group Cloetta Fazer has abandoned plans to hold its annual meeting next week due to the ongoing feud between its owners.

Nordic confectionery group Cloetta Fazer has abandoned plans to hold its annual meeting next week due to the ongoing feud between its owners.

The company said the AGM would been postponed until the results of a mediation project between the owners are agreed.
 
The group’s board has been at loggerheads since the 2000 merger of Swedish candy firm Cloetta and Finland’s Fazer Konfektyr, which specialised in pastilles and liquorice.

Both sides agreed to limit their stakes to 40% of voting shares but each has accused the other of breaking the agreement.
 
In January, the two main owners appointed former board members Lennart Bylock and Wilhelm Lüning to propose solutions. They were due to report back to owners before the 23 April AGM, but have clearly been unable to settle their differences.
 
“On the recommendation of both principal owners, the board has today (18 April) decided to postpone the Annual General Meeting that was scheduled for 23 April. The background for the decision is the ongoing mediation discussions,” Cloetta Fazer said in a statement.

The company has two months to come up with a solution, as the meeting must be held before the end of June.

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