Pardus to raise Valeo stake; may go above 20 pct

By From forbes| May 23 2007
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Pardus Capital plans to increase its stake in Valeo above the current 14.2 pct and a previous commitment not to go above 20 pct no longer applies, Pardus founder Karim Samii said after the car parts makers' shareholders rejected all eight of his board nominees, the Financial Times reported.

Yesterday's AGM decision buys Valeo's management and the board 'one more year to execute', Samii was quoted as saying, adding: 'Next year there'll be no excuses.'

Thierry Morin, Valeo chairman, told the AGM that he has received an 'offer' from one of the investment funds which have expressed an interest in taking over the company.

He said he has told the funds he wants the deal to take place in coming weeks 'and during June' at the latest.

'The business should not be permanently in play,' Morin said.

Nine of Valeo's 11 board seats were up for renewal at yesterday's AGM, including Morin, who was re-elected with 94.4 pct of votes cast.

Valeo management said Pardus' eight nominations were 'disproportionate to its level of shareholding'.

The company's board has also cited a conflict of interest given that Pardus is also a shareholder in rival car parts maker Visteon (nyse: VC - news - people ) in the US.

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