Intergamma’s issues with CRH’s shares still have not been resolved and it seems the dispute with French shareholder Bricorama has now boiled over. The latter even wants the Chamber of Commerce to intervene.
Power struggle
Intergamma’s story has been going on for a while and revolves around the sale of Irish CRH’s shares. Intergamma wants to put those in a foundation, but Bricorama feels the board wants to enforce its own will, ignoring what the other shareholders and franchisees have to say. Bricorama says Intergamma’s board merely wants to expand its power.
Bricorama on the other hand wants the franchisees to acquire CRH’s stores and then move those to Intergramma. However, that is not what Intergamma wants, because that could result in a majority for Bricorama. The French chain says it has no plans of the sort, unless no other companies are interested.
Two camps
“The board and the commissioners are treating Bricorama as a competitor for power and one that needs to be fought”, according to Bricorama’s lawyer, as mentioned by FD.
The struggle has also impacted the franchisees, because they are now split in two camps. About a fifth of the shareholders does not approve Intergamma’s plan. “If I call the chairman of the franchisee board, he tells me he will not talk to someone colluding with the enemy”, franchisee Cees Filippo said.
Bricorama now wants the Chamber of Commerce to appoint someone to resolve the situation. If that person is not successful, Bricorama demands an investigation into Intergamma’s proceedings.
