Wyser-Pratte Management Company, Cycladic Capital and DGB Investments Announce Holding in Valeo SA (FR FP).NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Wyser-Pratte Management Company, Cycladic Capital and Douglas G. Bergeron (DGB DGB Deutscher Gewerkschaftsbund DGB Distributed Gaussian Basis DGB Daegu Bank Ltd. (Daegu City, South Korea) DGB De Groot Bril (Earth Sciences, The Netherlands) DGB Diesel Generator Building ) Investments, (the "Investment Group" or the "Group"), today notified Valeo SA (the "Company") of a concert party holding of approximately 2.4% of the outstanding shares of Valeo held by funds which the Investment Group manage. The Investment Group believes that Valeo's assets are being under-managed and that there is the potential to significantly increase shareholder value through a more proactive approach to restructuring and portfolio management. Most of the divisions are performing worse than their peers. The Group calls on management to accelerate the pace of restructuring among the Company's twelve divisions and eliminate the inefficiencies in the current structure. The Group also believes that the research and development process, organization and pipeline is managed ineffectively and has the scope to be significantly improved. Further benefits can come from the consolidation of the production and logistics network, and elimination of excess overhead costs overhead costs see fixed costs. . The opportunity is there to significantly increase Valeo's operating margins through a well-implemented restructuring process. The Investment Group seeks to bring an immediate halt to any further acquisitions being contemplated by management, including the acquisition of Ford's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. heating and air conditioning plants and/or an acquisition of parts or all of Visteon, until such time as Valeo management has been able to convince shareholders of the merits of such acquisitions in the context of a broader strategic plan. The Group looks forward to a constructive and meaningful discussion with management and major shareholders in the near future. Wyser-Pratte Management Company, based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is a value oriented investment fund focused on delivering returns to its limited partners through active involvement with its investments. Mr. Wyser-Pratte has been a prominent shareholder activist since 1974 and has focused on shareholder initiatives to restructure European companies since 1995. Cycladic Capital, based in London, is an investment fund that invests in European companies and seeks, through active engagement, to crystallize the value inherent in these companies. Cycladic has successfully worked with senior management and the boards of companies across Europe to deliver value to shareholders. DGB Investments, based in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , is the wholly-owned investment vehicle of Douglas G. Bergeron, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and largest individual shareholder of VeriFone Holdings (NYSE NYSE See: New York Stock Exchange : PAY). DGB Investments has successfully engaged with corporations worldwide to accelerate operational and competitive improvements to their businesses. In 2006, Mr. Bergeron was selected by Carl Icahn to his proposed slate of alternative directors for Time Warner, Inc. |
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