KNOCKOUT ROUND: In a new round of the much-publicized fight between Spanish retailing giant El Corte Inglés and its rebel shareholder Ceslar SL, the department store has removed Ceslar from its board on Sunday.
A spokeswoman for El Corte Inglés said that Ceslar, an investment group representing minority shareholders and family members of the store’s founder, would retain its 10 percent stake in the company but that it had been stripped of its voting rights.
As reported last month, Ceslar had objected to a 1-billion-euro deal to sell 10 percent of company’s shares to multibillionaire and former Qatari Prime Minister and Foreign Minister Sheikh Hamad Bin Jassim Bin Jaber Al Thani.
The shareholders had called the sale “an unacceptable loss of value,” adding that the buildings owned by El Corte Inglés were valued at 18 billion euros, or $20 billion, by property experts in 2013.
Spain’s largest department store chain is still privately owned. A 35 percent stake is held by the Ramón Areces Foundation, which promotes and furthers research, education and culture in Spain.
The Qatari investment would mark the first time that El Corte Inglés opened its shareholding to a foreign investor.
Ceslar is ready to appeal against the board’s decision, according to media reports.