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Unibail finds valuable allies against Niel


The group is asking its shareholders to approve its capital increase project, contested by Xavier Niel and Léon Bressler. Four proxy advisory firms support management against them.

Tensions are mounting as Unibail's general meeting approaches, convened on November 10.

Shareholders are called upon to vote for or against the plan of the management of the shopping center giant to carry out a capital increase of 3.5 billion euros.

A project that a consortium of activist shareholders, led by Léon Bressler and Xavier Niel, is trying to derail.

Since the latter's entry into the running on October 15, the two camps have been fighting to convince the shareholders of the correctness of their project.

That of Unibail is called Reset: in addition to the capital increase, it involves initiating an asset disposal plan for an amount of 4 billion euros.

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The activists called their plan Refocusnotreset.

They ensure that the capital increase is unnecessary, Unibail having 12.7 billion euros in liquidity and having access to the bond market.

They believe that the purchase of Westfield, which allowed the group to settle in the United States late

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Source: lefigaro

All business articles on 2020-10-29

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