BELGIUM Law and Practice Contributed by: Michel Bonne, Hannelore Matthys and Virginie Lescot, Van Bael & Bellis
11.3 Interference With Completion Activist shareholders in Belgian companies have, on occasion, tried to interfere with the comple - tion of announced transactions. A failed exam - ple of such interference was the exercise of the right to ask questions during the annual general meeting, in relation to a proposed merger, and the questioning of the independence of the inde - pendent directors, by the minority shareholders of Immobel. An example of successful interfer - ence was the shareholder activism in relation to the proposed merger between Picanol and Tes - senderlo.
gian company to try to actively impact the cor - porate policies pursued by a company. Reactive (and, less commonly, proactive) activ - ism can be aimed at both financial and non- financial aspects of the management of a com - pany. In relation to M&A in particular, activist shareholders have questioned the financial and strategic motivation of certain boards.
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