PARIS (Reuters) - French mutual fund Fonds Strategique de Participations (FSP), which has built a stake of 4% in French car equipment maker Valeo (PA:VLOF), 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.
