Valeo's crisis - what's gone wrong and what happens next?
Make a note in your diary of May 9. It's the day of Valeo's annual meeting. Actually, mark May 10 as well - this one could overrun, just like BMW's infamous annual meeting in February 1999 which resulted in the resignation of Wolfgang Reitzle and the ousting of boss Bernd Pichetsrieder. The root cause of Valeo's problem is not dissimilar: growing by acquisition, some of which might prove to be ill-judged. There is unlikely to be a coup, but the board can expect a rough ride from shareholders. Anthony Lewis reports.
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