STMicroelectronics (STM) has rejected a fresh attempt by the Italian government to appoint its candidate Marcello Sala to the company's supervisory board, Reuters reported Wednesday, citing two sources.
The Italian government had requested the STMicroelectronics board to hold an extraordinary general meeting to let shareholders vote on Sala's appointment, according to the report. The request was denied, it added.
The Italian and French governments indirectly own a combined 27.5% of STMicroelectronics.
STMicroelectronics did not immediately respond to a request for comment from MT Newswires.
STMicroelectronics shares were down 2.7% in recent Wednesday trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 22.37, Change: -0.62, Percent Change: -2.68
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.