Glass Lewis firm recommends Kallitsantsis proposal for Ellaktor

Thursday, 19 July 2018 12:50

By T. Igoumenidi

Corporate advisory and consulting firm Glass Lewis recommends a vote in favor of the proposals submitted by Ellaktor shareholders Anastasios and Dimitris Kallitsantsis, as a board room struggle for control of the Athens-based construction group heads to a general assembly next Wednesday.

 In a report sent to its clients, the firm backs the Kallitsantsis proposal over rival group of major shareholders, led by the Bobolas family. The development comes after the Kallitsantsis brothers have allocated some 45 million euros to purchase more shares in Ellaktor, one of SE Europe's biggest construction companies.

A latest report being circulated in the Greek capital, meanwhile, refers to the prospect of US-based Fortress fund investing in a scheme backed by the Bobolas side.

In formulating its recommendations, Glass Lewis said it received information on the strategic growth proposals and the intentions of both "camps", who are vying for control of the company, as far as the individuals they will propose for the new board.

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