HONG KONG, March 8 A majority of Yingde Gases
Group's shareholders voted on Wednesday against a
resolution to remove two of its co-founders and main
shareholders from its board, the latest chapter in a battle for
control that could result in changed leadership at the Chinese
Most shareholders at the extraordinary general meeting (EGM)
voted against removing Sun Zhongguo and Trevor Strutt from the
board of directors, according to an investor present at the
meeting who declined to be named because results of the vote
were not yet public.
A second source also confirmed the result, though the exact
tally of the votes was not immediately available. Yingde
declined to comment.
Amid the battle for control, China's largest industrial
gases company is in play, with U.S. industrial gas maker Air
Products making a takeover approach, and Hong Kong-based
private equity firm PAG agreeing to buy a substantial stake.
Sun and Strutt, previously the Chairman/CEO and COO of
Yingde, respectively, were relieved from their executive posts
at a November board meeting that named Zhao Xiangti, another
co-founder and major shareholder, chairman of Yingde. The two
have since been in a legal fight to get reinstated.
The board of Yingde could be totally changed after a
separate EGM on Wednesday that will vote on the ouster of Zhao
and four other directors from the nine-member board and reduce
the board to five people.
(Reporting by Elzio Barreto; Editing by Muralikumar