Investment group Wendel owns 17.5% of Saint Gobain and has three seats on its board.
Saint Gobain and Wendle have announced an agreement of three principles for their continuing partnership: support for the strategy approved by the board of directors and implemented by executive management; respect for Saint-Gobain's independence and equal treatment for all shareholders; and stability of the shareholder base, Wendel's contribution to the Group's projects and its long-
term commitment.
In a joint statement to the stock exchange, the two parties said: “Wendel and Saint-Gobain affirm their determination to implement the business model defined by Saint-Gobain's Board of directors which serves a clear ambition : to become the leading player in sustainable housing, by offering solutions that make buildings energy-efficient and more environmentally-friendly while improving comfort and quality of life for all, and by maintaining its exemplary approach to all aspects (economic, environmental, social and societal) of sustainable development.”
The companies have also agreed that if Wendel wants to sell any shares amounting to 5% of group capital or more, it will give the executive management a week’s notice to submit an acquisition proposal to be considered.
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