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U.K.: Calls for BAE Chairman to resign after failed merger

By  |  October 23, 2012

Shareholders are calling for the resignation of BAE Systems Plc Chairman Dick Olver after merger plans with European Aeronautic, Defense & Space Co. collapsed. Among its biggest shareholders is U.S. fund Invesco Ltd. With a 13.4 percent stake in the company; Invesco sent a memo to BAE management calling for both Olver and independent director Peter Mason to step down. Invesco was vocal in its opposition of the proposed merger between BAE and EADS, a deal that broke down last month after additional opposition from authorities. BAE says it is “fully supportive” of its members.

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