Canadian holding company Hollinger Inc has given Conrad Black a veto on any merger or sale of major newspaper assets by Hollinger International, a Chicago-based subsidiary that is in a months-long battle with the Canadian-born businessman.
Toronto-based Hollinger, controlling shareholder of the US publisher, is attempting to introduce corporate bylaws that require unanimous consent of all Hollinger International directors on major matters.
Black resigned as chief executive of Hollinger International and was removed as chairman by the board after a dispute over how he ran the company and whether millions of dollars in payments made to Black and associates were properly approved.
Since Black, wife Barbara Amiel Black and longtime Black ally Dan Colson remain directors of Hollinger International, adoption of the bylaws would limit the power of Black's adversaries on the board.
Among other things, the bylaw would require that a "quorum of all the directors holding office is required for the board to take action" on matters that include approving a merger or a sale of assets that have a value of more than US$1 million.
"These bylaw changes will promote full and fair consideration by all Hollinger International directors of the proposed offer and any other major matters that may come before its board," said Peter White, Hollinger Inc's co-chief operating officer.
A spokeswoman for Hollinger International said the Canadian company's move "is being reviewed right now."
She confirmed reports that investment bank Lazard LLC has begun distributing bid books to potential suitors interested in buying Hollinger International or some of it assets, mainly the London Telegraph, the Chicago Sun-Times and the Jerusalem Post.
There were reports that Hollinger International has speeded up the process for a potential auction of assets in order to thwart a proposed deal between Black and British billionaire twins Sir David and Sir Frederick Barclay, who are offering to buy Hollinger Inc.
If the sale of the Canadian Hollinger goes through, a company controlled by the Barclays would replace Black as controlling shareholder of Hollinger International in exchange for about C$600 million (US$463 million).
That's because Hollinger Inc owns about 72 percent of the voting rights at Hollinger International, even though it owns only about 30 percent of its shares.
Three experts in the high technology industry have said that US President Donald Trump’s pledge to impose higher tariffs on Taiwanese semiconductors is part of an effort to force Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to the negotiating table. In a speech to Republicans on Jan. 27, Trump said he intends to impose tariffs on Taiwan to bring chip production to the US. “The incentive is going to be they’re not going to want to pay a 25, 50 or even a 100 percent tax,” he said. Darson Chiu (邱達生), an economics professor at Taichung-based Tunghai University and director-general of
‘LEGACY CHIPS’: Chinese companies have dramatically increased mature chip production capacity, but the West’s drive for secure supply chains offers a lifeline for Taiwan When Powerchip Technology Corp (力晶科技) entered a deal with the eastern Chinese city of Hefei in 2015 to set up a new chip foundry, it hoped the move would help provide better access to the promising Chinese market. However, nine years later, that Chinese foundry, Nexchip Semiconductor Corp (合晶集成), has become one of its biggest rivals in the legacy chip space, leveraging steep discounts after Beijing’s localization call forced Powerchip to give up the once-lucrative business making integrated circuits for Chinese flat panels. Nexchip is among Chinese foundries quickly winning market share in the crucial US$56.3 billion industry of so-called legacy
Hon Hai Precision Industry Co (鴻海精密) is reportedly making another pass at Nissan Motor Co, as the Japanese automaker's tie-up with Honda Motor Co falls apart. Nissan shares rose as much as 6 percent after Taiwan’s Central News Agency reported that Hon Hai chairman Young Liu (劉揚偉) instructed former Nissan executive Jun Seki to connect with French carmaker Renault SA, which holds about 36 percent of Nissan’s stock. Hon Hai, the Taiwanese iPhone-maker also known as Foxconn Technology Group (富士康科技集團), was exploring an investment or buyout of Nissan last year, but backed off in December after the Japanese carmaker penned a deal
WASHINGTON POLICY: Tariffs of 10 percent or more and other new costs are tipped to hit shipments of small parcels, cutting export growth by 1.3 percentage points The decision by US President Donald Trump to ban Chinese companies from using a US tariff loophole would hit tens of billions of dollars of trade and reduce China’s economic growth this year, according to new estimates by economists at Nomura Holdings Inc. According to Nomura’s estimates, last year companies such as Shein (希音) and PDD Holdings Inc’s (拼多多控股) Temu shipped US$46 billion of small parcels to the US to take advantage of the rule that allows items with a declared value under US$800 to enter the US tariff-free. Tariffs of 10 percent or more and other new costs would slash such
RSS