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Tractors & Farm Equipment Ltd (TAFE), a significant shareholder in AGCO, announced through an amended 13D filing that its Chairman, Mallika Srinivasan, will not seek nomination to AGCO’s board. This decision comes as TAFE, which holds a 16.3% stake in AGCO, making it the largest shareholder, engages in advanced discussions with AGCO to resolve ongoing litigation and various other matters.
The filing clarified that TAFE has chosen not to pursue board representation under the terms of the Amended and Restated Letter Agreement dated April 24, 2019. Consequently, the TAFE nominee will not seek reelection at AGCO’s forthcoming annual meeting of stockholders.
Mallika Srinivasan, who has been a member of the AGCO board since 2011, has previously advocated for the separation of the roles of CEO and chairman within the company. However, she will not be part of the board’s future composition following these latest developments.
The discussions between TAFE and AGCO indicate a potential resolution to their disputes, although details of the negotiations or the specific matters being addressed have not been disclosed. This move marks a significant shift in the relationship between the two entities, as TAFE reconsiders its involvement at the board level.
AGCO, which specializes in the manufacture and distribution of agricultural equipment, has yet to comment on the implications of this change in board nomination from its largest shareholder. The company’s stockholders are expected to learn more about the outcomes of these discussions and the future direction of the board at the upcoming annual meeting.
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