Paragon CEO's share package "hijacked"
Klaus Dieter Frers, founder of automotive supplier paragon GmbH & Co. KGaA and Managing Director of the general partner paragon GmbH, expects to lose his entire paragon share package soon.
According to Mr. Frers, a third party has appropriated the rights to realise the complete paragon share package in the context of private bank liabilities against his will and under circumstances that have not yet been conclusively legally clarified.
This unnamed party has announced that it will realise a first tranche on November 11, 2022; the remaining shares would also be up for realisation at a later date, a press release states. The third party has not yet stated what its intentions are after the announced acquisition of the share package.
Mr. Frers has announced legal actions against this.
Paragon GmbH & Co. KGaA regards these events as an attempt of a hostile takeover
Its general partner paragon GmbH has declared to the company that: "irrespective of the outcome of the proceedings, the sole management of the company lies on paragon GmbH and Mr Frers remains its managing director."
