investiment.io
Mason Capital Demands Greater Transparency from Grifols Amid Governance Concerns
Mason Capital has escalated its concerns over Grifols' transparency and governance, urging the Spanish regulator CNMV for more disclosure following allegations of conflicts of interest and questionable financial practices.
In a significant development in the ongoing saga surrounding Grifols, U.S.-based investment fund Mason Capital has formally requested greater transparency from the Spanish pharmaceutical giant. The fund, which holds a 2.5% stake in Grifols, sent a letter to Spain's stock market regulator, the CNMV, highlighting potential conflicts of interest among Grifols' board members and questioning the company's handling of related party transactions.
Mason Capital's letter specifically pointed out a rumored clause in a recent bond issuance that appears to favor Canadian fund Brookfield at the expense of Grifols' shareholders. The activist fund is pushing for improved disclosure, arguing that it would benefit all shareholders. The CNMV has yet to respond to the letter, but the market reacted swiftly, with Grifols' shares dropping approximately 3% following Mason Capital's statement.
This latest move by Mason Capital comes on the heels of a tumultuous period for Grifols. Earlier in January 2024, the company saw its stock value plummet by a third after short seller Gotham City Research raised serious questions about Grifols' accounting practices and the size of its debt. Grifols vehemently denied any wrongdoing and took legal action against Gotham City. In response to the crisis, Grifols appointed a new CEO and revised its debt valuation.
The pressure on Grifols intensified in November when Brookfield, alongside the founding Grifols family, abandoned a takeover plan valued at 6.45 billion euros due to valuation disagreements. The ongoing scrutiny from Mason Capital, led by co-founder Kenneth M Garschina, has been focused on Grifols' governance since September. Garschina has specifically called out the lack of disclosure regarding fees paid to law firm Osborne Clarke Spain, co-founded by Grifols board member Tomas Daga, who led significant transactions for the company.
As Grifols navigates these challenges, the demand for transparency from Mason Capital underscores the broader issues of corporate governance and shareholder rights in the pharmaceutical industry.
Articles published about this story
- reuters.comreuters.com
- news.bloomberglaw.comnews.bloomberglaw.com
- speaksly.co.ukspeaksly.co.uk
More stories
- investiment.ioinvestiment.io
Robinhood Markets, Inc. has seen its stock price surge to a new 52-week high, driven by positive upgrades and a favorable market environment. The company's performance in 2024 and its position in the penny stock market have also contributed to its recent success.
- investiment.ioinvestiment.io
Hino Motors, a subsidiary of Toyota, faces criminal charges in the U.S. for selling over 105,000 non-compliant diesel engines, marking a significant scandal in the automotive industry.
- investiment.ioinvestiment.io
Instagram, owned by Meta, experienced a significant outage in the US on January 15, 2025, which was largely resolved by the afternoon, as reported by Downdetector.
- investiment.ioinvestiment.io
BlackRock Inc. reported a record $11.6 trillion in assets under management in Q4 2024, driven by strong market performance and strategic acquisitions, leading to a rise in its stock price.
- investiment.ioinvestiment.io
General Motors has signed a multi-billion dollar agreement with Vianode to secure synthetic graphite for its electric vehicle batteries, aiming to reduce reliance on China and enhance EV production.
- investiment.ioinvestiment.io
The Bank of New York Mellon Corporation (BNY) reported a robust Q4 2024, with earnings and revenue surpassing expectations, leading to a significant rise in its stock price.
- investiment.ioinvestiment.io
JPMorgan Chase reported a record annual profit and a significant Q4 earnings beat, driven by a surge in investment banking fees and trading revenue, surpassing Wall Street expectations.
- investiment.ioinvestiment.io
Meta Platforms Inc. plans to cut approximately 5% of its workforce, focusing on low performers, as part of its ongoing efficiency drive. CEO Mark Zuckerberg announced the move in an internal memo, signaling an 'intense year' ahead with a focus on AI, smart glasses, and social media innovation.
- investiment.ioinvestiment.io
Pfizer is set to significantly reduce its stake in Haleon, the maker of Sensodyne, to 7.3% through a £2.5 billion share sale, as announced by bookrunner J.P. Morgan.
- investiment.ioinvestiment.io
Boeing's stock experienced a decline following a significant drop in aircraft deliveries in 2024, marking the lowest delivery numbers since the onset of the COVID-19 pandemic. The company faced challenges including a labor strike, production issues, and increased competition from Airbus.