Wendel said on 5 June 2009 that it remained a committed shareholder of building materials company Saint-Gobain, despite rumours that French investment group Wendel intended to cut its stake in the fir…
Wendel said on 5 June 2009 that it remained a committed shareholder of building materials company Saint-Gobain, despite rumours that French investment group Wendel intended to cut its stake in the firm. “We remain a committed shareholder,” Wendel chief executive Frederic Lemoine said at the company“s annual shareholder meeting. Wendel has a stake of about 18% in Saint Gobain but has been hit on its investment in the company due to the the economic crisis. Lemoine also repeated Wendel“s outlook of a possible full-year loss for 2009 but assured that Wendel“s financial structure remained solid. “I would like to reassure you of the financial solidity of your company,” he told shareholders. Former Wendel chief executive Jean-Bernard Lafonta resigned earlier in 2009, following a disagreement over strategy and was replaced by Lemoine. Wendel is owned 35% by members of the Wendel family via the SLPS holding company.