* Proposal says Shire deal could damage existingshareholders
* Demands deals over 1 tln yen receive shareholder approval
* Takeda board opposes proposal, says would damagecompetitiveness(Adds details of board's opposition to proposal)
By Sam Nussey
TOKYO, May 29 (Reuters) - Japanese drugmaker TakedaPharmaceutical Co Ltd faces demands from disgruntledshareholders to put to a vote its $62-billion acquisition ofLondon-listed Shire and do more to assuage concerns overthe record-breaking deal.
The deal "carries overly high risks to the company" givenits size, 12 shareholders said in a proposal to be voted on atnext month's annual shareholders' meeting, adding that newshares to be issued to fund the deal threaten "a danger ofcausing a great disadvantage to existing shareholders".
The Shire deal and any future deals worth more than 1trillion yen ($9.19 billion) should be put to a shareholdervote, says the proposal - which will need two thirds of votes atthe meeting to pass, according to a Takeda spokesman.
Takeda's board of directors opposes the proposal, accordingto the company's notice of convocation that contained theproposal, saying the need for prior approval for such dealswould damage competitiveness and the company's ability to makedecisions.
However, the drugmaker already plans to put the Shire dealto a vote at an extraordinary general meeting, with two-thirdssupport needed. It will also need three-quarters backing fromShire investors.
Many investors have been lukewarm on the deal, fearing itwill overstretch Takeda's finances, with shares at the drugmakertrading down more than 25 percent since it first said it wasconsidering bidding for Shire.
The proposal was received on April 27, a Takeda spokesmansaid, before the terms of the Shire deal were announced on May8.($1=108.8300 yen)(Reporting by Sam Nussey;Editing by Clarence Fernandez and Adrian Croft)
