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Qatar raises stake in Lagardere
30.12.11 | Bookseller staff
Gulf state Qatar has raised its stake in Lagadere to over 10%, becoming the company's largest shareholder, Reuters reports.
Market regulator AMF said Qatar Holding, a unit of the Qatar Investment Authority, now owned 13.2m Lagardere shares, or 10.1% of the market, an increase from its previous holding of 9.97m shares, or 7.6%.
Lagardere shares rose 2.5% but are still down 36% for the year, with Reuters reporting struggles with its fledgling sports business.
Oil-rich emirate Qatar is said to be "a staunch supporter" of chief executive Arnaud Lagardere "even as some shareholders have assailed the chief executive's strategy for the company his father founded."