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AMF says Pardus raised Valeo stake to above 15 percent

From Reuters| June 12,2007

U.S. investment fund Pardus has raised its stake in French car-parts maker Valeo to 15.47 percent of its capital and 15.16 percent of voting rights, French market watchdog AMF said in a statement today.

Pardus, which is controlled by Karim Samii, declared having crossed the 15 percent threshold on June 6 and being now in possession of 12 million Valeo shares, AMF said.

Pardus's Samii said last month that it could raise the stake to over 20 percent.

Pardus wants Valeo to begin a strategy review and wants it to examine a possible link with U.S. car parts group Visteon, in which Pardus also holds a major stake.

Valeo Chairman and Chief Executive Thierry Morin has said that the group was in talks with several investment funds, and one in particular, about a possible buy-out. He has said he hoped there would be more clarity on the situation during June.

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