聽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聽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: 鈥淲endel 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.鈥�
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鈥檚 notice to submit an acquisition 聽proposal to be considered.
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