FSI says interested in long-term Valeo strategy
PARIS May 4 (Reuters) - France's FSI strategic investment fund is more interested in Valeo's (VLOF.PA) long-term development than in short-term share moves, its head said, after another shareholder criticised the car parts maker's strategy.
U.S. investor Pardus Capital Management, which was engaged in a long-running battle with Valeo's previous management, has called on the group to overhaul its strategy again to boost its valuation, and warned it to be cautious on acquisitions for now. [ID:nLDE7421YO]
"As a long-term investor I am more interested in the growth and development perspectives than in daily share price movements," Jean-Yves Gilet told Reuters.
"In the case of Valeo the strategy that has been developed has allowed for a very favourable share price evolution since we bought our stake," he added.
The FSI owned 5.88 percent of Valeo at the end of March, while state-owned bank CDC owned 3.07 percent, according to Valeo's web site. (Reporting by Julien Ponthus; Writing by Helen Massy-Beresford; Editing by James Regan)
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