Hedge fund Pardus holds over 10 percent of Valeo

By From Reuters| Feb 27 2007
Share the:

A hedge fund controlled by Karim Samii raised its stake in French car parts group Valeo to more than 10 percent but said it does not intend to take control of the company, the AMF stock market regulator said today.

AMF said Pardus European Special Opportunities Master Fund was not acting in concert with others, reserved itself the right to sell or buy further Valeo shares and could ask for board representation.

In a regulatory filing, the AMF said Pardus held 10.19 percent of Valeo's capital and 9.99 percent of its voting rights.

Another Pardus fund owns more than 15 percent of Visteon Corp., the U.S. parts group in financial restructuring.

Valeo is interested in buying assets from Visteon.

Pardus broke the 5 percent level at Valeo in January.

Valeo had no immediate comment.

Valeo CEO Thierry Morin said on Feb. 13, at a results news conference, that he had had "good meetings" with Pardus and with another investor, Guy Wyser-Pratte.

Wyser-Pratte heads a group which owns 3 percent in the company and that wants Valeo to concentrate on boosting profits instead of making U.S. acquisitions.

Morin said he was looking at the assets Visteon and Delphi Corp. could sell, but would not buy an entire company.

Valeo ranks No. 12 on the Automotive News list of the top 100 global suppliers with estimated worldwide original-equipment automotive parts sales of $10.58 billion in 2005.

  • RSS
  • Newsletter
  • China News International News Data Commentary
Site Map

Copyright Notice © 2016 Gasgoo.com Corporation and its licensors. All rights reserved.