Codan keeps Topdanmark in sight

Speculation is rife in Copenhagen that Codan is going to bid for Topdanmark. The rumours appear to have been fuelled by the Topdanmark board s suggestion that voting restrictions (which limited one shareholder to a maximum of 25% of the votes at the AGM) should be lifted. The board also suggested simplifying arrangements for electing board members, and said these measures, which will be submitted to the AGM due on 1 May, were intended to further the principle of good corporate governance. The board also said a high share price (which would normally be undermined by restrictive arrangements) was a prerequisite for maintaining the company s independence.