The French government’s Strategic Investment Fund (FSI) may increase its stake in Valeo if Pardus Capital Management or another major stockholder were to sell their shares.
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The fund’s CEO Gilles Michel told an automotive forum in Paris that whenever a block of shares is put up for sale in a way that alters a company’s capital structure, it would take an interest.
FSI raised its stake in Valeo to 8.33% in February and said a further increase was possible. Last year New York-based Pardus won a Valeo board seat, the culmination of a two-year standoff with management following a Pardus proposal for a tie- up with Visteon.
The EUR20bn (US$28bn) FSI is 51% owned by state lender Caisse des Depots et Consignations and 49% by the government.
