Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Bock backs down over Rowland vote

John Murray
Tuesday 14 March 1995 19:02 EST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

BTiny Rowland yesterday won a small victory in his battle against Dieter Bock, the German businessman who ousted him from Lonrho a fortnight ago. Mr Bock announced that he would vote his 18.6 per cent stake in the international trading conglomerate in favour of Mr Rowland's election as president of the company at the annual meeting on 24 March.

The announcement was an embarrassing reversal for Mr Bock, who led the coup to remove Mr Rowland from the board for what was described at the time as continuing public and irreconcilable differences.

Mr Bock has been forced to back down after advice from his lawyers. Mr Rowland issued a High Court writ last week demading Mr Bock comply with an agreement between the two men reached when Mr Rowland agreed to relinquish executive duties in November.

Under the terms of the deal, Mr Bock pledged to vote his shares in favour of Mr Rowland becoming president when the post is created at the annual meeting. But the company yesterday said the Lonrho directors were still recommending that shareholders reject the resolution proposing Mr Rowland.

A spokesman said the resolution required 75 per cent support to be carried. "To our chagrin, the agreement entered into with Tiny apparently still applies. It is an embarrassment and an irritation, but a pretty minor one."

Mr Rowland said: "Mr Bock undertook to vote his shares in my favour, so I'm pleased that he will now do so."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in