Financial Times FT.com

Valeo sees off Pardus challenge

By Delphine Strauss in Paris

Published: May 21 2007 22:52 | Last updated: May 21 2007 22:52

Valeo on Monday saw off a challenge from an activist Anglo-Saxon investor, repelling an attempt by its biggest shareholder to fill more than half the seats on its supervisory board and impose a strategy review at the French car parts maker.

Shareholders voted against all eight board candidates proposed by Pardus Capital, a US investment fund that has built a 14.2 per cent stake in the company, during a meeting that at times descended into open heckling of the anglophone pretenders. They approved the appointment of all candidates proposed by Valeo.

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