PARIS May 4 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.
"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)