Saint-Gobain: Wendel“s voting stake rises

French investment company Wendel“s voting stake in construction materials group Compagnie de Saint-Gobain SA has reached 21% thanks to the acquisition of double voting rights, as reported by a filing…

French investment company Wendel“s voting stake in construction materials group Compagnie de Saint-Gobain SA has reached 21% thanks to the acquisition of double voting rights, as reported by a filing with French bourse regulator Autorite des Marches Financiers on 14 October 2009. Wendel said, in a letter to the AMF, that the acquisition of voting rights did not require specific financing since it follows from the acquisition of Saint-Gobain shares over the last two years. Wendel also said in the letter that it has the possibility to increase its Saint-Gobain capital stake to 21.5%, as stated in the terms of a letter sent to Saint-Gobain in March 2008. Wendel also said it is not acting with a third party, and does not have plans regarding a merger or reorganization of Saint-Gobain, or substantial asset transfers.