Kvaerner Advised To Not Name New Board

Wednesday, January 24, 2001
Kvaerner ASA had been advised to drop a plan to name a new board due to disagreements among major shareholders and a possible scheme to split the company. Kvaerner said in a statement that a two-man election committee seeking to find board members acceptable to big shareholders "concluded it is not possible to put together a board that all major shareholders can agree upon." It said the committee advised the board and major shareholders against calling a suggested extraordinary shareholders' meeting to seek to name a board. And Kvaerner noted that its existing board was considering a plan to split the company, launched last week, "so it may be necessary to name boards for two companies listed on the stock market." – (Reuters)

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