Shareholders say no: Besix takeover of Watpac voted down
Activist investor Sandon Capital will agitate for boardroom changes at Watpac, after Belgian construction giant Besix failed in its bid to secure two-thirds ownership of the ASX-listed contractor and mining services group.
At a meeting in Brisbane on Thursday, only 67 per cent of voting shares were cast in favour of Besix's proposal to lift its stake in Watpac to 64.1 per cent from 28.1 per cent currently – below the 75 per cent required under a scheme of arrangement.
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