BAT Industries Chairman Patrick Sheehy told reporters...

BAT Industries Chairman Patrick Sheehy told reporters in London that he did not expect until June 1 or June 2 the results of a non-binding resolution voted on Friday at the annual meeting of Farmers Group. Sponsored by Batus, the U.S. arm of BAT Industries, the resolution calls on Farmers’ board to reconsider its decision not to negotiate a friendly merger with Batus. Sheehy hinted the resolution might not succeed because he estimated that 20% to 25% of Farmers’ stock is held by takeover speculators who want Batus to raise its $4.35-billion hostile takeover bid.