French investment holding company Wendel said 26 September 2007 it has built a stake of 6% in the capital of French construction materials group Compagnie de Saint-Gobain SA.
Wendel said the new hold…
French investment holding company Wendel said 26 September 2007 it has built a stake of 6% in the capital of French construction materials group Compagnie de Saint-Gobain SA. Wendel said the new holding equates to 5% of Saint-Gobain“s voting rights. It added that the acquisition is a long-term investment which recognizes Saint-Gobain“s stated growth strategy. Wendel had not owned any Saint-Gobain shares prior to these acquisitions. According to figures in Saint-Gobain“s last annual report, Wendel would become the second-largest shareholder in terms of voting rights, behind Saint-Gobain“s collective employees, who control 10.1%. It would be the largest shareholder in terms of capital, as employees own just 5.9% of the stock. Saint-Gobain said little about the news of the Wendel shareholding. “We note that Wendel supports our strategy to concentrate in the construction market, as disclosed last July, and which we consider a winner and creator of value for shareholders”, a spokesman said.
