Feb 8 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'
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.