US gunmaker Ruger accuses Italian rival Beretta of plotting stealth takeover

America’s largest gunmaker, Sturm Ruger & Co., accused the parent company of Italian arms firm Beretta of trying to stealthily seize control of the Connecticut-based business through “self-serving demands” such as cut-price stock buys and veto-like board power.The Todd W.Seyfert-led giant hit back on Monday at the historic firm’s proxy fight, which was first reported by The Post on Feb.

25, that branded the move as a thinly-veiled threat to launch “a war” and complete a full takeover.A proxy fight is an unfriendly contest for control of a company in which a group of shareholders tries to convince other investors to vote out the current board of directors or management.Ruger claimed Beretta quietly built a large stake, refused to halt purchases during negotiations and sought perks that could break US antitrust laws that prevent companies from unfairly dominating markets.Executives from both firms finally agreed to meet in December, the US company said in a release that it described as an attempt “to set the record straight.”“At that meeting, Beretta’s chair indicated a long-term plan to combine Ruger with Beretta but made no formal proposal,” Ruger said in a statement issued via a spokesperson.“Beretta’s chair also indicated that he had no interest in the status quo and that he would find a way to increase his position if Ruger remained resistant,” the company added .The 500-year-old company, with ties to the Italian Alpine region of Lombardy where gun rights are far weaker than in the United States, has slowly built a near 10% stake in Ruger.Beretta announced plans two weeks ago to nominate four new members to sit on Ruger’s nine-member board after the publication of The Post’s exclusive story.The names are William Franklin Detwiler of Fernbrook Capital, Mark DeYoung, the ex-Vista Outdoor CEO, Frederick Disanto of Ancora Holdings and Michael Christodolou of Inwood Capital.Reps for Beretta, whose parent is based in the tax haven n...