PARIS, March 25 (Reuters) - French mutual fund Fonds Strategique de Participations (FSP), which has built a stake of 4% in French car equipment maker Valeo, and will get a seat on its board of directors, FSP said on Wednesday. “This investment was progressively built since 2019”, FSP said in a statement.
It did not give further details. The coronavirus crisis has hit auto firms and their suppliers hard, as production chains grind to a halt across Europe following a shutdown earlier this year in China. In a separate statement, Valeo said FSP would be represented on its board by Julie Avrane-Chopard, Senior Partner at McKinsey & Company.
Valeo shares opened up more than 5%.
Avrane-Chopard will replace Georges Pauget who resigned on March 24 for the remaining term of his office.
The move to give the Fonds Stratégique de Participations a seat on the board be submitted for ratification at Valeo’s next General Meeting, which is now slated for June 25, the company said.
Reporting by Dominique Vidalon, Editing by Sarah White