Pardus raises Valeo stake above 15 pct

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.