France’s Wendel family has reportedly met to try to forge a united front following a dispute over the performance of its investment company.
Wendel Investissement, which is controlled by the family’s SLPS holding company, owns stakes in several businesses including industrial giants St Gobain and Legrand.
However, WI shares have fallen 65% this year and its credit rating was downgraded by Standard & Poor’s in October. Allegations of a lack of information to family shareholders caused further rifts that led to SLPS chairman and family member Ernest-Antoine Sellière stepping down.
The Financial Times is reporting that 250 Wendel family members met up last week in Paris and agreed they should have more control over SLPS.
According to the paper, the meeting was “restrained” and lasted three hours. Selliere’s replacement, François de Wendel, suggested that the six family members who sit on the Wendel board should also sit on the board of SLPS to forge greater cohesiveness.
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