Ecolab announces stakeholder agreement
ST. PAUL, MN — The decision by a pair of Bill Gates-directed firms to pursue a large stake in Ecolab Inc.''s stock is "flattering" and won''t harm the company''s other shareholders, according to the Wall Street Journal.
The company revealed Monday that it will allow Cascade Investment LLC and the Bill and Melinda Gates Foundation Trust to acquire up to 25 percent of Ecolab''s shares, the article stated.
According to the article, in return, both firms have agreed to refrain from initiating a proxy fight to gain control of Ecolab.
Ecolab Chairman and Chief Executive Officer (CEO) Doug Baker has said that Ecolab''s agreement with Cascade and the foundation protects shareholders from a hostile takeover attempt, the article noted.
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