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Qatar fund says wants board seat on Largardere

Qatar Holding LLC says it may increase its stake further than the 10.07 per cent level it reached last week, but that it does not plan to acquire a majority holding

AFP, Wednesday 4 Jan 2012
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Qatar Holding said Tuesday it wants a seat on the board of French media group Lagardere and may increase its stake further than the 10 percent level the investment fund passed last week.

In a statement to French regulators, Qatar Holding LLC said it intends to put up a candidate for the company's board.

It said it may increase its stake further than the 10.07 percent level it reached last week, but that it did not plan to acquire a majority holding.

The stake gives Qatar Holding, which was founded by the sovereign wealth fund of the gas-rich Gulf country, 7.87 percent of the voting rights in Lagardere.

The news helped give a 3.44 percent boost to Lagardere's shares on the Paris bourse to 21.77 euros in midday trading, while the CAC40 index was down 0.44 percent.

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