Bernhard Burgener's opponent throws in the towel at Constantin Medien
In the power struggle at the Constantin Media Group, Swiss major shareholder and FCB President Bernhard Burgener has gained the upper hand. His rival, Dieter Hahn, resigned as president on Wednesday at the annual shareholders' meeting in Munich.
Dieter Hahn, who like Burgener holds around 30 percent of the shares, wanted to sell Constantin's traditional film division in order to repay high debts that were due soon. He then wanted to concentrate on the more profitable sports business. Film lover Burgener, formerly CEO of the Constantin Film studio, blocked this.
The power struggle between the two has been simmering for more than a year. Both sides are also arguing in court. Former Kirch manager Hahn said at the Constantin annual general meeting that he wanted to prevent the company from being damaged by the dispute by resigning. However, he will continue to represent his interests as a shareholder. With 30 percent of the voting rights, he has far-reaching veto rights. Following Hahn's resignation, all other Supervisory Board members and CEO Fred Kogel also stepped down today (Wednesday).
No comment was initially available from Bernhard Burgener. At Highlight Communications in Pratteln BL, the company he controls, it was reported that the management was at the Annual General Meeting in Munich and could not be reached. (SDA)
