Flowers cries foul over Hypo buyout |
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16.10.09
Funds advised by US private equity group JC Flowers & Co have taken legal action to try to prevent the full nationalisation of Hypo Real Estate The funds filed a lawsuit in a Munich court last week in a bid to invalidate a buyout of the bank’s minority shareholders at €1.30 a share. The German state used its majority stake to force through the buyout at a shareholder meeting on 5 October. JC Flowers claims the state’s actions represent a “violation of constitutionally protected ownership rights and result in the expropriation of shareholders”. JC Flowers said it had also filed a formal complaint with the European Union. The legal action is the latest in a series of cases to be brought against the state takeover.
Source: Property Week (www.propertyweek.co.uk) |
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