FRANCE – Wendel raises interest in Saint-Gobain to 20%

After reaching an agreement with the management, Wendel has stated it does not have plans to take control of the company but has reserved the right to take its interest up to 21.5%. In return Wendel will have three directors on the 16-person board. The pact is expected to last till 2011. The total investment is said to be around EUR 5.5 bn, two-thirds of which is debt.

Saint-Gobain, which originated in 1665, designs, produces and distributes materials for the construction, the industrial and the consumer markets. The company employs around 207,000 people and is present in 54 countries. Saint-Gobain recorded a 13% rise in profits to EUR 408m in 2007

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