Abstract
As its share price sinks almost to penny-stock levels, France's Rhodia has received several hostile shareholder proposals for its annual meeting next month. The company is also facing the threat of class-action lawsuits from irate U.S. shareholders. Last month, France's stock market regulatory authority accused Rhodia of improper financial disclosures from 2000 through roughly the end of 2003 (C& amp;EN, April 4, page 12). Since then, a number of law firms in the U.S. have filed complaints that may develop into class-action suits. The first such complaint was filed on April 7, and at least six more have been lodged since. Meanwhile in France, minority shareholders, led by French shareholder rights activist Colette Neuville, are trying to force Rhodia's top directors out. They have sent two proposed resolutions to Rhodia's board calling for the ouster of Yves-Rene Nanot, the company's chairman, and Hubertus Sulkowski, the former head of its risk committee. ...
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