April 3, 2018 / 9:57 AM / a year ago

GEA investor Albert Frere ups stake to 5.13 pct

FRANKFURT, April 3 (Reuters) - GEA Group said shareholder Albert Frere had lifted its stake in the German food processing machinery maker to 5.13 percent of voting rights from 4.33 percent previously.

Investor pressure has been building for sweeping changes and for a quicker replacement of CEO Juerg Oleas following a string of disappointing earnings.

GEA announced on March 18 that Oleas would step down in April 2019 after more than a decade in office.

In a regulatory statement on Tuesday, GEA said that Frere crossed the 5 percent holding threshold, which triggers a mandatory report, on March 23.

Other large investors in GEA include the Kuwait Investment Office, Blackrock, MFS Investment Management, as well as U.S. activist hedge fund Elliott. (Reporting by Ludwig Burger Editing by Douglas Busvine)

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