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The Swiss global player in spinning machines Rieter wants to file a criminal complaint against his board members Luc Tack and Stefaan Haspeslagh, the two top men of the Belgian loom maker Picanol. They allegedly misused inside information in a takeover matter.
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Problems in Switzerland for Picanol CEO Luc Tack. Rieter, the world leader in the production of looms, wants to remove him and Stefaan Haspeslagh, the financial director of Picanol, from the board of directors. In a press release in which Rieter announces a triple takeover, the company claims that Tack and Haspeslagh abused their position as board members.
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Rieter paid 300 million euros for three branches of Saurer, another major manufacturer of looms, also from Switzerland. During these takeover negotiations, however, Tack and Haspeslagh used internal information from the board of directors to make their own offer, according to Rieter. ‘This is a serious violation of the interests of Rieter and all stakeholders. For the board of directors, this is a persistent breach of the relationship of trust, which makes further cooperation impossible.’
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This is a serious violation of the interests of Rieter and all stakeholders. For the board of directors, this is a persistent breach of trust, which makes further cooperation impossible.
Rieter
World leader in looms
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Therefore, Rieter plans an extraordinary general meeting to ask its shareholders to dismiss Tack and Haspeslagh as board members. Rieter also wants to file a criminal complaint against the duo. ‘These are serious violations of the legal duty of loyalty, the obligation to keep business secrets and the code of conduct of Rieter’, it sounds.
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Interest
The listed Rieter has 15 production sites in ten countries. It employs 4,420 employees. The Swiss realized a turnover of 516 million euros in 2020 and swallowed a net loss. Ypres Picanol
, which is listed on Euronext in Brussels, has 7,000 employees and a turnover of almost 2.2 billion euros in 2020. The publication of this year’s half-year figures is scheduled for August 26.
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