23 April, 2008 - In-fighting between the two principal owners of Cloetta Fazer has led to the cancellation of the annual general meeting, due to take place today.
In January, the Scandinavian confectionary company drafted in former board members to come up with a proposal to solve the long-running ownership dispute between main shareholders Oy Karl Fazer Ab and AB Malfors Promotor.
However, the company admitted last week that no solution had been found and called off the AGM.
A statement from Cloetta Fazer said: “Oy Karl Fazer Ab and AB Malfors Promotor, appointed former Board members Lennart Bylock and Wilhelm Lüning to propose alternative solutions to the longstanding conflict between the two principal owners regarding ownership of Cloetta Fazer.
“In connection with this, it was announced that the intention was for these mediators to prepare a proposal that would be presented to the principal owners prior to the AGM on 23 April 2008.
“On the recommendation of both principal owners, the Board has today decided to postpone the Annual General Meeting that was scheduled for 23 April.”
The company, which has a 22% market share of the Nordic sweet sector, said a new AGM would be scheduled before the end of June.