Hedge fund Marcato Capital reports stake in Lear, seeks board seats
Feb 8 (Reuters) - Hedge fund Marcato Capital Management reported a 5.2 percent stake in auto parts maker Lear Corp as of Feb. 6 and said it planned to nominate candidates to the board.
Marcato - run by Mick McGuire, one of activist investor William Ackman's former partners - is now the third largest shareholder in the company, behind Blackrock Inc and Robeco Investment Management.
Blackrock holds 7.45 percent of Lear and Robeco Investment Management 5.3 pct, according to recent regulatory filings.
Lear said on Thursday it would accelerate its previously authorized share repurchases and increase its dividend.
Marcato would engage in discussions with the management and the board regarding the nomination of directors, the fund said in a filing on Friday.
Last week, Lear, a maker of auto seats and electrical power systems, reported a fourth-quarter profit that beat analysts' expectations.
The company's shares, which have gained 19 percent in value in the last three months, closed at $50.77 Thursday on the New York Stock Exchange.
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