UPPING ITS STAKE: Qatar Holding LLC — the owner of Harrods in London — has crossed the threshold of 10 percent in the voting rights of French media group Lagardère SCA, it declared in a filing to the French stock market authority AMF.
Qatar Holding now owns 16,820,531 shares in Lagardère, equivalent to 12.83 percent of the firm’s capital and 10.05 percent of voting rights, after acquiring shares on the open market, it said in the financial document. This cements its position as the media group’s principal shareholder, but Qatar said it did not intend to acquire a majority stake in Lagardère.
Qatar Holding, established in 2006, invests on behalf of the State of Qatar and is linked to the royal family of the Gulf nation. The investment vehicle seems to have a penchant for French stocks these days: Last week, Qatar Holding disclosed that it had acquired a 1.03 percent stake in French luxury giant LVMH Moët Hennessy Louis Vuitton.