I saw this article on Vanguard which I thought was worrying. It’s not clear who is complaining here but all the same it is worth noting.
I want to talk about the takeover of GSK (GlaxoSmithkline), which foreign investors are trying to corner by taking up to about 80 per cent of the shares issued capital, thereby taking over the company.
They made that proposal at a meeting last week and the minority shareholders said no. We do not want that because already they are controlling about 45 per cent, and they are talking about increasing it to 80 per cent. From that 80 percent who knows whether the next thing we would hear is that they are taking it to 90 or 95 per cent and then, they would push the minority share holders out of the operation.
Just like other companies have been doing, we know of companies like the Nigerian Bottling Company, and many other companies that I may not be able to mention off-hand now. This is how they started, at the end of the day, they push out their minority shareholders and began to run the company on their own because they have generated so many funds.