US fund Steel Partners wins rare victory in Japan

0 Comments | AFP, May, 2008

TOKYO (AFP) — US investment fund Steel Partners on Thursday scored a rare victory in its battles with corporate Japan, as shareholders in a top wig maker refused to reappoint top managers the fund had asked to resign.

Steel Partners, the biggest investor in Aderans Holdings with a stake of 26.7 percent, has demanded that the management resign to take responsibility for the company's slack performance.

Aderans' shareholders voted at a general meeting not to re-elect seven board directors, including president Takayoshi Okamoto, the company said.

"Less than a majority supported" the reappointments, a spokeswoman said, although the exact vote count was not immediately available.

It is very rare that executive appointments are rejected in consensus-driven...