In the glasshouse

27 September 2007 By Pierre Briancon

The French investment fund has built up a E1.6bn, 6% stake in building materials group SaintGobain. It says the surprise move is friendly. But Wendel s stated strategy has always been to "control" the companies it invests in. Saint Gobain s sleepy days are over.

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Wendel, the French investment fund, said on Wednesday night that it had acquired 6% of the capital and 5% of voting rights in SaintGobain, the building materials company which it characterised as "a solid listed company with strong growth potential".

Wendel added that it approves the strategy outlined July 27 by SaintGobain's chief executive PierreAndre de Chalendar.

Shares of SaintGobain rose 5% on the news Thursday, while shares of Wendel, 35%owned by descendents of the 19th century French steel magnate, declined 2%.

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