May 5, 2020 / 10:30 AM / 25 days ago

Lagardere shareholders reject activist Amber's board shake-up

FILE PHOTO: The logo of French media group Lagardere is seen at the group's shareholders meeting in Paris, France, May 3, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - Shareholders in French publishing and travel retail group Lagardere (LAGA.PA) on Tuesday voted against an attempt by activist investor Amber Capital to revamp the company’s supervisory board in a bid to upend its governance.

At a shareholder meeting that was held virtually due to the coronavirus crisis, investors rejected Amber’s proposals to oust seven members of the board and replace them with candidates it had put forward, arguing they would be more independent.

Reporting by Sarah White and Gwenaelle Barzic; editing by Jason Neely

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