51.   In each case, the investments of minority shareholders were wiped out.

52.   In essence, the minority shareholders get a piece of the pie, but not until Colkitt and his friends eat much of the filling.

53.   Independent committees of the boards of EdperBrascan and Trilon said the offer is fair to minority shareholders of each company.

54.   Institutional investors also tend to shy away from such conglomerates over concerns about lack of protections for minority shareholders.

55.   It also takes account of investor concern about the treatment of minority shareholders in other state-controlled companies.

56.   Investors decided it was unlikely the Spanish oil firm Repsol would offer to buy Astra stock from minority shareholders.

57.   It recently bought out minority shareholders in U.S. drug company Rhone-Poulenc Rorer Inc.

58.   It wants to show its proposal to the minority shareholders but not make a tender offer to them.

59.   It was this policy that initially angered minority shareholders.

60.   Kirch and Rupert already hold interests in an Italian pay-television project, Telepiu, in which Berlusconi is a minority shareholder.