Melrose meets investors as Charter chair rebuked

INDUSTRIAL investor Melrose and its takeover target Charter International are each preparing to butter up shareholders this week as the battle for Charter heats up.

Melrose, which tabled a £1.4bn offer for Charter, will meet its investors today to get approval for a £373m return of capital from the sale of its investee company Dynacast.

In contrast, Charter chairman Lars Emilson will hold meetings to discuss its recent investor roadshow, where shareholders criticised his refusal to open Charter’s books to Melrose.

Some large investors have reportedly threatened to oust Emilson if he continues to refuse.

“We are, of course, listening to some shareholders who would prefer that we open the books but we have to consider the interests of the company as a whole,” a Charter spokesman said.