Activist group notifies Japan's Cosmo of intent to increase stake

Cosmo Energy Holdings Co

28/07/2023 05:31

TOKYO, July 28 (Reuters) - Cosmo Energy Holdings
 5021.T  said on Friday a group of investors led by prominent
activist Yoshiaki Murakami has submitted a letter of intent to
buy an additional stake in the Japanese oil refiner of up to
4.53%
    The letter comes after Cosmo shareholders last month
approved a "poison pill" takeover defence against Murakami in a
controversial vote that excluded the group which owns 20% of
Japan's third-biggest oil refiner. 
    The vote paved the way for the Cosmo board to implement a
poison pill to dilute the activists' stake if the group buys
more shares without following set procedures, for instance,
stating the purpose of the purchase. 
    Cosmo said in a statement on Friday the board would ask the
group within five business days to submit a list of information
to allow it to evaluate its intentions for the additional stake
purchase. 
    If the board does not approve the stake increase, Cosmo will
call another shareholder vote on whether to launch the poison
pill. 
    Shares of Cosmo jumped after the news, trading up 2% in
early afternoon.     
   

 (Reporting by Makiko Yamazaki; editing by Robert Birsel)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))