Invesco drops plan to shake up India's Zee, citing Sony merger plan
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SATURDAY, JUNE 25, 2022
Invesco drops plan to shake up India's Zee, citing Sony merger plan

Global Economy

Reuters
24 March, 2022, 10:55 am
Last modified: 24 March, 2022, 10:59 am

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Invesco drops plan to shake up India's Zee, citing Sony merger plan

Invesco, which owns nearly 18% of Zee, has for months pursued a legal battle against the Indian firm to call for a shareholder meeting to oust its chief executive officer and appoint new independent board members over alleged corporate governance issues

Reuters
24 March, 2022, 10:55 am
Last modified: 24 March, 2022, 10:59 am
A guard stands next to a banner of Zee television outside a film studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas
A guard stands next to a banner of Zee television outside a film studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

US investment firm Invesco decided on Thursday against pushing India's Zee Entertainment to shake up its top management, citing its support for a planned merger of Zee with the local unit of Japan's Sony Group.

The news sent Zee shares soaring more than 16% in a subdued stock market.

Invesco, which owns nearly 18% of Zee, has for months pursued a legal battle against the Indian firm to call for a shareholder meeting to oust its chief executive officer and appoint new independent board members over alleged corporate governance issues.

Denying any wrongdoing, Zee had pushed back on any such meeting, sparking the battle.

Though Invesco recently won an Indian court order allowing it to call such a shareholder meeting, the US firm has now decided to not pursue the matter, citing the merger.

"Following the merger's consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company," Invesco said in a statement.

The US firm said it would continue to monitor the proposed merger's progress, and if it fails, it could again request a shareholder meeting at Zee.

Zee and Sony did not immediately respond to requests for comment from Reuters.

South Asia

Invesco / Zee / Sony / merger

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