On September 16, Aryzta shareholders will be back where the battle started: the Samsung Hall arena in the periphery of Zurich. This is where, in November 2018, Spanish fund manager and Aryzta’s largest investor Francisco Paramés squared off with company chairman Gary McGann over an €800 million capital increase, and the strategy to be developed on the back of it. McGann won by a narrow margin, Aryzta raised the funds and used them to reduce its massive debt pile. Nearly two years later, the extraordinary general meeting called on Monday will again pit Paramés and his firm Cobas against McGann.…

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