The Bouygues family, which controls the eponymous industrial conglomerate, has upped its voting rights at the family business to more than 25%, as part of its share buyback plan announced in August this year.
The Paris-based company, which is one of France’s biggest construction and communications groups, said in a statement that the combined stake directly owned by the business, headed by second-generation Martin and Olivier Bouygues, has risen to 21.08% from the earlier 18%, with 29.8% voting rights.
The increase of stake is in line with the group’s announcement in August that it will buy back shares owned by outside investors to provide them a chance of liquidity. The family holding company SCDM also saw its ownership of capital rise to around 18% and voting power to more than 26%, according to a release by French regulator Autorite de Marches Financiers.
Founded by Francis Bouygues in 1952, son Martin – who was one of CampdenFB’s top 50 family business leaders in 2011 – took over the management of the company in 1989. Under his leadership, the €31.23 billion business pursued interests in both construction and media to become the world’s second-largest construction group.
Martin serves as chairman and chief executive while brother Olivier is the deputy chief executive. The company, which was ranked 12th in CampdenFB’s 2010 list of the top 100 family businesses in Europe, operates in more than 80 countries and employs around 133,000 workers.