Activist fund raises stake in Lagardere above 5 percent

Activist investment fund Amber Capital has raised its stake in Lagardere above 5 percent, France’s stock and bond regulator said Tuesday.

The watchdog said Amber Capital surpassed the 5 percent threshold on Dec. 12.

The investment fund now holds 5.04 percent of Lagardere, which controls assets in publishing, media and airport shops, and 3.72 percent of voting rights.

The company is headed by French businessman Arnaud Lagardere, who owns 7.39 percent of the company’s shares.

Amber Capital, which previously held 4.17 percent of Lagardere shares, asked to be designated two board members during the last shareholders assembly in May.

The request was turned down as Qatar’s sovereign fund, the company’s largest shareholder, supported Arnaud Lagardere moments before the vote.