Carlton shareholder slates Granada "takeover"

A major Carlton shareholder has hit out at fellow investors, criticising their decision to side with Granada and oust Michael Green as ITV chairman-elect.

Gary Channon, managing director of Phoenix Asset Management, holder of a 2.2% stake in Carlton, said that some investors had bought into Carlton purely to increase their Granada stakes after the merger goes ahead.

"There are people holding Carlton shares as a proxy for Granada - mentally they are Granada shareholders," Channon told The Guardian. "Some of the goings on have served Granada shareholders better than Carlton shareholders. It's hard to rationalise why pure Carlton shareholders would take out their main negotiator at this point."

Green was ditched from the post earlier this week amid high publicity.