Japan’s Cosmo investors OKs anti-takeover step amid activist pressure

Economy

Shareholders of Japanese oil wholesaler Cosmo Energy Holdings Co. on Thursday approved a company proposal to implement an anti-takeover measure in the face of a large-scale share purchase by an activist shareholder group.

The measure, endorsed at the firm’s annual shareholders’ meeting in Tokyo, addresses its concern that City Index Eleventh Co., a group led by prominent investor Yoshiaki Murakami, may continue to add to its holdings after buying shares equivalent to about 20 percent of the company.

The so-called poison pill step will allow the company to allot share acquisition rights to its ...

Kyodo News

Kyodo News