{"id":1560978,"date":"2022-07-19T11:19:55","date_gmt":"2022-07-19T15:19:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1560978"},"modified":"2022-07-19T11:20:03","modified_gmt":"2022-07-19T15:20:03","slug":"activist-fund-bluebell-targets-board-changes-at-richemont","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/activist-fund-bluebell-targets-board-changes-at-richemont\/","title":{"rendered":"Activist fund Bluebell targets board changes at Richemont"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Factivist-fund-bluebell-targets-board-changes-at-richemont%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1560978&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Michael Shields<\/p>\n<p>ZURICH (Reuters) -Activist fund manager Bluebell Capital Partners is seeking changes to the board at Richemont, Richemont said https:\/\/www.richemont.com\/en\/home\/media\/press-releases-and-news\/request-for-agenda-items on Tuesday, Bluebell\u2019s first salvo against the Swiss luxury group that makes Cartier jewellery and IWC watches. <\/p>\n<p>London-based Bluebell, with around 250 million euros  ($255.98 million) in assets, grabbed the spotlight last year when its campaign at French group Danone led to a management overhaul. <\/p>\n<p>The company has another live campaign https:\/\/www.reuters.com\/business\/st-gobain-shares-rise-bluebell-capital-calls-shake-up-company-2022-05-11 in France targeting construction materials giant Saint Gobain. Its website lists eight companies in its crosshairs. <\/p>\n<p>Bluebell wants Richemont to designate a representative of the holders of \u2018A\u2019 shares \u2013 which are listed on the SIX Swiss Exchange \u2013 and elect that representative to the  board, the Swiss group said.<\/p>\n<p>Bluebell also seeks to increase the minimum number of board members to six and to have an equal number of representatives of \u2018A\u2019 and \u2018B\u2019 shareholders on the board. \u2018B\u2019 shares, held by Compagnie Financi\u00e8re Rupert according to Richemont\u2019s website, are not listed and represent 9.1% of the company\u2019s equity but carry 50% of the voting rights.<\/p>\n<p>The proposals will be submitted at the annual general meeting on Sept. 7. Richemont said it was reviewing the proposals and would comment on them in due course.<\/p>\n<p>Kepler Cheuvreux analyst Jon Cox was sceptical that Bluebell would succeed with its plan.<\/p>\n<p>\u201cRichemont\u2019s shareholder structure, giving ten times the voting rights to holders of the B shares, looks out of date compared with more modern governance practices,\u201d he said.<\/p>\n<p>\u201cHowever, the share structure itself means that any change in the makeup of the board will be decided by (Chairman) Johann Rupert and probably not by Bluebell.\u201d <\/p>\n<p>Shares in Richemont, in which activist hedge fund Third Point reportedly built a stake last year, slipped 0.4% in early trade. <\/p>\n<p>($1 = 0.9767 euros)<\/p>\n<p> (Reporting by Silke Koltrowitz; Additional reporting by Pamela Barbaglia; editing by Louise Heavens and Susan Fenton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2727867\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6I05P-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6I05P-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Michael Shields ZURICH (Reuters) -Activist fund manager Bluebell Capital Partners is seeking changes to the board at Richemont, Richemont said https:\/\/www.richemont.com\/en\/home\/media\/press-releases-and-news\/request-for-agenda-items on Tuesday, Bluebell\u2019s first salvo against the Swiss<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1560978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1560978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1560978"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1560978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1560978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1560978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1560978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}