TValeo said independent proxy voting advisers Institutional Shareholder Services (ISS) and Glass Lewis rejected proposals by the Pardus investment fund to gain seats on Valeo's board.
"Valeo announced today that two leading independent proxy voting advisors, ISS and Glass Lewis, had recommended that Valeo shareholders vote against the resolutions proposed by Pardus for eight Valeo board members at the annual general meeting to be held on 21 May 2007," Valeo said in a statement.
Pardus is Valeo's biggest individual shareholder with a stake of around 13 percent.
It also has a 17 percent stake in U.S. car parts group Visteon Corp. and has campaigned for Valeo to consider buying all or some of Visteon as part of a broader strategy review Pardus wants at Valeo.
Valeo has rejected a full takeover of Visteon.
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: firstname.lastname@example.org.
Anytime and anywhere to know the dynamics of China's auto industry