Pardus raises Valeo stake above 15 pct

By From Share Watch| May 30 2007
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Pardus Capital Management said it has increased its shareholding in Valeo to above 15 pct and currently owns 11,700,000 shares in the car parts maker.

"Pardus, Valeos largest shareholder, is a long-term investor and is committed to Valeo and its future," the fund said in a statement.

Karim Samii, founder of Pardus, said last week that the fund planned to increase its stake in Valeo above the current 14.2 pct and would no longer be bound by a previous commitment not to go above 20 pct.

He changed his policy after Valeo shareholders rejected all eight of his board nominees.

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