U.S. Highwood Partners sues Pernod Ricard over Agros

U.S.-based Highwood Partners (HP), which is the substantial shareholder of Agros, sued another major stake owner, Pernod Ricard. "We did it to stop Pernod Ricard, three of its Irish affiliates and affiliate Santa Lina from executing voting rights of most of their shares of Agros," explained HP. HP wants to prove that the three Irish companies are very closely linked with Pernod Ricard. This means that the French company would be breaking the law, as it is exercising more votes than the Securities and Stock Exchange Commission (KPWiG) allows it. They want Pernod to make a public bid for shares of Agros and to buy stakes from them and the other companies. "If the French company makes a call and buys a 100% stake than it can do whatever it wishes in Agros, but until that time it must take into consideration the substantial shareowners," said an HP spokesperson. The value of the suit could reach $17 million. (Prawo i Gospodarka, page 1, 15) M.M.