Italy's Amplifon to boost voting rights using new capital markets bill
Reuters
Published Mar 15, 2024 18:19
ROME (Reuters) - Italy's Amplifon said on Friday it plans to boost voting rights, taking advantage of a recently approved capital markets bill.
Amplifon, the world's leading hearing aid retailer, is one of the first Italian listed companies to take such a step since the controversial law was passed by parliament last month.
The law includes a disputed measure allowing listed companies to issue shares that boost up to 10-fold the voting rights of longstanding investors.
Amplifon's board convened an extraordinary shareholders' meeting on April 30 to approve an "amendment to the articles of association allowing the enhancement of the increased voting rights mechanism in line with the new legal provisions," a statement said.
With the change, Amplifon aims to support growth partly by external means "such as, for instance, acquisitions or strategic alliances", it added.
The company said it would continue to be based and listed in Italy.
Prime Minister Giorgia Meloni's government introduced the capital markets bill to attract newcomers to Borsa Italiana, after the Milan stock exchange lost a string of prominent companies in recent years to other markets and buyouts.
The measure is part of an attempt to stem relocations to the Netherlands, where corporate governance rules help established shareholders keep a tight grip on companies.
However, the proposal has angered asset managers, including large foreign funds, which favour a "one share, one vote" rule that prevents a concentration of power in the hands of a few.
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Written By: Reuters
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