Qatar fund may seek Lagardere board seat
Paris, January 4, 2012
Qatar's sovereign wealth fund may seek a supervisory board seat and strategic partnership with Lagardere, potentially deepening its ties with the French media-to-aerospace conglomerate in which it is the biggest shareholder.
Qatar Holdings said in a letter published yesterday by French stock market regulator AMF it may raise its stake, but would not seek to take over the company.
Lagardere is effectively insulated from takeover by a governance structure, known as a commandite. This gives broad powers to chief executive Arnaud Lagardere.
The emirate has been a staunch supporter of Arnaud Lagardere even though some shareholders have assailed the CEO's strategy for the company his father founded.
Qatar Holdings notified the AMF on Thursday it had raised its stake in Lagardere to 10.1 per cent from roughly 7.6 per cent.
The news boosted the shares, which slumped more than 30 per cent last year as expected asset sales failed to materialise and Europe's economic woes weighed on the magazine and radio businesses that rely on advertising revenue.
Lagardere competes with Pearson and Bertelsmann in book publishing and radio.
Also a top shareholder in Airbus parent EADS, Lagardere issued two profit warnings last year as its fledgling sports business was plagued by operational problems.-Reuters
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013