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Petrochemicals

Methanex and M&G bury hatchet

by Alex Tullo
April 20, 2019 | APPEARED IN VOLUME 97, ISSUE 16

 

Methanex has signed an agreement with its largest shareholder, M&G Investments, that gives M&G two slots on the methanol maker’s board. M&G, which owns 16.5% of Methanex’s stock and has been a shareholder since 2007, had been seeking a proxy showdown with Methanex to put four new directors on its board. The investment fund objects to Methanex’s plan to build a new methanol plant at its Geismar, Louisiana, complex, fearing it will be too risky. As part of the agreement, an independent advisory firm will review the project. Also, one of M&G’s nominees, Canadian electricity executive Paul Dobson, will get a seat on Methanex’s board. Another new director will be appointed after Methanex’s annual meeting later this month. The companies will also abide by a standstill agreement, which means no fighting, until after the 2020 annual meeting. Ashland recently struck a similar standstill agreement with an investor, Cruiser Capital Advisors, that owns 2.4% of its shares.

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