Norway’s Norges Bank Investment Management to Support Kohl’s Candidates in Proxy Contest

NEW YORK, May 6 (Reuters) – Norway’s sovereign wealth fund said on Friday it planned to vote for the directors of Kohl KSS.N, backing the management in a hotly contested trade battle with hedge fund Macellum Advisors.

Norges Bank Investment Management detailed its intentions in a table on its website. He plans to vote for all 13 nominees put forward by the retailer and does not intend to vote for any of the 10 director candidates nominated by activist investment firm Macellum Advisor.

Investors will be able to vote at the May 11 meeting. Norges held 1.49 million shares or 1.16% of the company at the end of December, according to Refinitiv data.

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Norway’s announcement follows a similar announcement last month when T. Rowe Price Associates, one of the biggest investors in Kohl’s Corp , announced plans to back all managers at the department store .

Macellum, led by Jonathan Duskin, accused Kohl of not doing enough to improve his business. The fund has asked the company to put itself up for sale, which it is currently doing by reviewing potential bidders.

The battle for control of Kohl’s boardroom has become one of the most contentious proxy battles this year and comes as the company considers offers from potential buyers.

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Reporting by Svea Herbst-Bayliss

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