September 29, 2016 / 11:02 AM / a year ago

Stada investor Active Ownership challenges two AGM votes

The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski

FRANKFURT (Reuters) - An activist shareholder in German generic drugmaker Stada (STAGn.DE) will launch a legal challenge against the vote into office of two new supervisory board members at the group’s annual shareholder meeting in August.

Activist investor Active Ownership Capital at the time succeeded in convincing shareholders to remove the German drugmaker’s non-executive chairman, but failed to install its candidate in the post.

Active Ownership lodged a legal complaint with a Frankfurt court against the election of Birgit Kudlek, previously Chief Operating Officer at Aenova, and Gunnar Riemann, previously head of Bayer’s (BAYGn.DE) Environmental Science unit, a statement on Thursday showed.

In total, shareholders had elected five new supervisory board members into office at the AGM.

Active Ownership added in its statement that it would support the executive board’s ongoing initiatives to realize value potential.

Reporting by Ludwig Burger; Editing by Jonathan Gould

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