The Appeals Court of the Fourth Circuit has rejected a claim by Pilkington Group Limited against a decision by a lower Mexican court confirming the validity of the merger of Vitro Plan S.A. de C.V. in…
The Appeals Court of the Fourth Circuit has rejected a claim by Pilkington Group Limited against a decision by a lower Mexican court confirming the validity of the merger of Vitro Plan S.A. de C.V. into Vimxico, S.A. de C.V. The Appeal Court ratified a decision denying Pilkington Group Limited“s opposition to the resolutions adopted at the Extraordinary Shareholders Meeting held on 11 December 2006 of the now extinct Vitro Plan. As a result of this decision, in accordance with article 200 of Mexican General Corporation Law, all of the resolutions are valid and binding for all shareholders, including those who voted against them. In addition, the Appeals Court confirmed the dismissal of all claims made by Pilkington in its original complaint and confirmed the validity of the merger of Vitro Plan into Vimxico approved at the Extraordinary Shareholders Meeting of the now extinct Vitro Plan. At the same time, the Appeals Court confirmed the decision to award costs to Vimxico for legal fees and expenses including those incurred during the appeals proceedings; the amount will be calculated on the execution of the decision. Despite the fact that Pilkington may still appeal this decision by claiming infringement of fundamental rights, Vitro, S.A.B. de C.V., based on legal advice in the case, believes that such proceedings will not succeed and the decisions issued by the lower court and the appeals court will be confirmed.