Shareholders of French drink group Belvedere have voted to replace KPMG as auditor after the accountancy firm triggered the company's share price to dive by requesting a qualification of the 2007 financial statements.

Another shareholders' meeting will be called for August 8 to replace the statutory auditor with an international dimension, according to interactive investor.

KPMG wanted Belvedere to reclassify €375m issue of floating rate notes as short-term debt. Without that request the 2007 accounts 'would have been certified without qualification,' the firm said.

Belvedere shares have been suspended since June 20 when they dived 30% after Standard & Poor's Corp lowered the company's senior debt rating below investment grade in the light of KPMG's reservation.

Further reading:

Read the interactive investor story