March 26, 2020 / 6:24 AM / 15 days ago

Amber Capital looks to oust supervisory board of France's Lagardere

PARIS, March 26 (Reuters) - Activist fund Amber Capital stepped up pressure on French media company Lagardere on Thursday, saying it would look to change the firm’s supervisory board and urging it to change strategy.

Amber Capital, which holds about 16.4% of Lagardere’s share capital, said it would present its own list of new supervisory board members at Lagardere’s annual shareholder meeting on May 5.

Among the candidates are Italian political figure Enrico Letta and Brigitte Taittinger, who holds directorships at HSBC France, FNAC Darty and Suez.

“By voting for a new supervisory board, Lagardère shareholders will give the group the means to free up the driving forces of the publishing and travel retail divisions and allow all stakeholders to benefit,” Amber Capital said in a statement. (Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)

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