Sir Martin Jacomb, the chairman of Canary Wharf plc, will call for the removal of Paul Reichmann, his long-standing board colleague, if shareholders this week reject both bids for the £1.7bn property company, the Sunday Times said citing Jacomb himself.
The two have reportedly fallen out over the way Reichmann has behaved during the year-long bid contest between Morgan Stanley, the American investment bank, and Brascan, a Canadian property and power group.
Jacomb warned that if Canary Wharf remained independent: 'The board would have to be readjusted to reflect the new situation. Reichmann´s presence on it would be highly controversial, bearing in mind that he has sided with Brascan during the bidding process.'
Source: Freeman / AFX