Shareholders in loss-making Finnish retailer Stockmann on Tuesday voted down a proposal to combine the company's two share series, which carry different voting rights.
At the annual general meeting, shareholders in series A, which carries 10 votes per share, were opposed to the change, while those in series B, with just one vote per share, supported it.
The vote was proposed by the Hartwall family, the owner of around 12 percent of Stockmann shares and 11 percent of votes through HTT STC Holding Ltd. The family argued the change would boost the stock's liquidity and value. Opposed to the proposal were two Finnish-Swedish cultural foundations, Foreningen Konstsamfundet and Svenska Litteratursallsskapet in Finland, which together own 17 percent of shares but 31 percent of votes.
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