Minority shareholders and fund managers in Nigeria are up in arms over the attempt by GlaxoSmithKline (GSK) Plc, Britain's largest pharmaceutical company, to increase its stake in its Nigerian unit GlaxoSmithKline Consumer Nigeria Plc, a company listed on the Nigerian Stock Exchange (NSE).
They are concerned that if the attempt by the parent company - GSK Plc - to restructure the capital of GSK Nigeria from the current 46.4 per cent to 75 per cent passes, it would give the British pharmaceutical giant the clout to alienate Nigerian shareholders and delist the company in the foreseeable future. They have cited the case of Coca Cola Hellenic Bottling Company S.A., which used its controlling stake in Nigerian Bottling Company (NBC) Plc to get the latter delisted from the Nigerian stock market.
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