GL employees appeal to shareholders

More than 800 employees at Germanischer Lloyd’s head office in Hamburg gathered for a staff meeting today to pass a resolution against what they consider a hostile takeover approach by Bureau Veritas. “We call upon the board of managing directors to fend off any takeover attempt and seek ways to guarantee Germanischer Lloyd’s full independence,” a statement prepared by the group’s works council reads. It says the German class society’s articles of association allow the board to forbid individual shareholders to transfer their shares. However, Bureau Veritas would be able to overthrow this provision if it manages to convince 75% of all GL shareholders of its offer. “Our shareholders need to be aware of the consequences. The sale would result in the elimination of a central pillar of the international maritime economy,” the resolution continues. The works council warns of large redundancies in Hamburg and worldwide if the businesses were to be combined and it also predicts a general decline in quality of services. “BV is extremely profit-oriented which, in our view, runs contrary to safety,” it claimed.