Takeda shareholder group fails first attempt to block Shire deal

A group of Takeda Pharmaceutical shareholders has failed in its bid to try to block Japanese company's $62bn takeover of London-listed Shire.

The group's proposal that the board should be required to gain advance shareholder approval for large acquisitions was not passed at the drugmaker’s annual meeting on Thursday.

Takeda’s board warned beforehand that such a requirement would damage the company’s competitiveness.

The group is apparently also working to persuade enough shareholders to block a later de facto vote on the Shire deal, representatives told Reuters.

Proxy adviser Institutional Shareholder Services (ISS) recommended shareholders vote against the group's proposal as there there was an "absence of apparent grounds to cast doubt over the board’s objectivity or competence". ISS did concede that the group raised "legitimate concerns about the planned acquisition of Shire".