Rubis Minority Shareholder Loses Bid to Change Supervisory Board

A Rubis SCA investor lost his bid to overhaul the French petroleum product distributor’s supervisory board after most shareholders sided with management at the company’s annual general meeting.

Entrepreneur Patrick Molis failed to win enough votes to replace four of the company’s board members — including the current chairman — with himself and three allies. Rubis’ shares have almost halved since 2018.

The feud had raised investor speculation about a potential shake-up after French billionaire Vincent Bollore, Canadian businessman Ronald Sämann, as well as Molis and his Compagnie Nationale de Navigation, all disclosed 5% stakes in Rubis in recent ...