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20 Mar, 2018 | Kees Jongsma

Ten Cate Advanced Composites (TCAC) is being sold to Toray in Japan for € 930 million. It’s good news for the current shareholders. But less so for the Netherlands. Because it means another high-potential company is falling into foreign hands after a brief interlude under Dutch control.

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21 Feb, 2018 | Kees Jongsma

The majority of Eneco’s shareholders wants to shed the shares but management is resisting a sale. As emotions ran high, the Supervisory Board refused to get involved. Thanks to a mediator, the parties are now speaking with each other again, but the question remains how things came to this and what lessons need to be learned.

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SPJ Financiele en Corporate Communicatie
22 Dec, 2017 | SPJ

After the political upheavals in 2016, this year has been characterised by countries and markets seeking to find a new balance. The United Kingdom grappled with Brexit, the United States gained a new president, the Netherlands formed a new government following the highly splintered election and Germany began moving towards a new political equilibrium. 

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31 Oct, 2017 | Kees Jongsma

A boardroom full of smart directors and supervisory directors is no guarantee for smart decisions. The importance of communications is an underestimated and scarcely researched factor in this process. Board members run on routine and automatisms and often do not speak frankly. This can lead to costly mistakes. 

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20 Jun, 2017 | Kees Jongsma

International investors have voiced their concerns about the Dutch proposal that would impose a legally sanctioned one-year time-out period in the case of unwanted acquisitions. The investors’ concerns appear to be justified. The cure seems to be worse than the ailment for an open economy like the Netherlands.

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01 Jun, 2017 | Kees Jongsma

The management of a company is responsible for the strategy and is not obligated to engage in substantive talks with a serious bidder. This clear and equally consistent ruling of the Enterprise Section of the Amsterdam Court of Appeal brought an end to the discussion between the management and shareholders of AkzoNobel concerning the bid from PPG. The court once again proved to be a highly effective oasis of calm when emotions start running high.

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24 May, 2017 | Kees Jongsma

A shareholder who, based on strategic analysis, takes a different view than the management of a listed company and says so is readily called an activist and is also treated as such in the Netherlands. The question is whether this approach contributes to a meaningful discussion with shareholders and helps the company’s reputation among investors. 

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20 Apr, 2017 | Kees Jongsma

Michael H. McGarry, President and CEO of PPG, has sent a letter to all of AkzoNobel’s stakeholders in which he appeals for the two companies to engage in discussions. The letter is a textbook example of how language can expose cultural differences. The text translated into Dutch actually conveys only one message: We are the best. It’s true.

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23 Mar, 2017 | Maaike Noordhuis

Dutch Finance Minister Jeroen Dijsselbloem said at the tail end of the Dutch election campaign that Dutch listed companies should guard themselves better against ‘hostile’ foreign takeovers. The idea being that foreign acquisitions – or ‘the sell-off of the Netherlands’ – pose a threat to the Dutch business community and the economy.

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22 Mar, 2017 | Kees Jongsma

The elections for the lower house of Dutch Parliament did not result in the feared victory of Geert Wilders’ far-right Party for Freedom (PVV). Prime Minister Mark Rutte’s centre-right VVD party held onto its position as the largest party. The Dutch Labour Party (PvdA), the junior partner in the governing coalition, was the biggest loser. The Netherlands is currently more divided than ever and the formation of a new majority government is set to be a long and difficult process. 

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