Revolution, of sorts

摘要

When Pardus Capital, an American activist fund, built a stake in Valeo, a French maker of car parts, its partners, Ka-rim Samii and Behdad Alizadeh, frequently criticised the company's strategy. Local advisers told them to keep quiet. To get anywhere in France Inc, Pardus learnt, it needed to be polite. Shareholder activism in France is on the rise. Several big firms, including Saint-Gobain, a building-materials firm, and Carrefour, a retailer, have recently accepted shareholders onto their boards. But even for the most well-mannered and long-established investment funds, trying to influence corporate strategy is proving controversial and difficult.