Cevian Capital raises stake in Volvo to 13 percent of votes

STOCKHOLM Thu Mar 20, 2014 2:49pm EDT

The company logo is seen on the bonnet of a Volvo car during the media day ahead of the 84th Geneva Motor Show at the Palexpo Arena in Geneva March 5, 2014. REUTERS/Arnd Wiegmann

The company logo is seen on the bonnet of a Volvo car during the media day ahead of the 84th Geneva Motor Show at the Palexpo Arena in Geneva March 5, 2014.

Credit: Reuters/Arnd Wiegmann

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STOCKHOLM (Reuters) - Activist fund Cevian Capital said on Thursday it had raised its share in Volvo (VOLVb.ST) to 12.67 percent of votes, nearly doubling its stake in the world's second-biggest truck maker in six months.

Cevian announced in December it had built up its stake to 10.5 percent of votes from 6.7 percent in September, making it the second biggest owner after Industrivarden (INDUa.ST) which holds 20 percent according to Volvo's website.

The activist fund has owned a stake in Volvo since 2006 when it swept in demanding changes to the company's structure, among them the sale of the group's aerospace unit which has since been sold to Britain's GKN (GKN.L).

Cevian has recently called on the company in Swedish media to "start delivering".

Volvo, whose shares are up over 18 percent year-to-date, launched an efficiency drive in 2012 with a target of boosting its operating margin by 3-5 percentage points by the end of 2015.

(Reporting by Mia Shanley, editing by David Evans)

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