Qatar fund says wants board seat on Largardere

3rd January 2012, Comments 0 comments

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.

© 2012 AFP

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