UPDATE 1-France’s Wendel says still committed to St Gobain

French investment group Wendel (MWDP.PA) said on Friday June 5, 2009 it remained a committed shareholder of building materials company Saint Gobain (SGOB.

PA), despite rumours that Wendel may cut its stake in the firm.

"We remain a committed shareholder," Wendel Chief Executive Frederic Lemoine told the company’s annual shareholder meeting.

Wendel has a stake of around 18 percent in Saint Gobain but has taken a hit on its investment in the building materials company as a result of the economic crisis.

Lemoine also reiterated Wendel’s outlook of a possible full-year loss for 2009 but added that Wendel’s financial structure remained solid.

Read the full story.

600450 UPDATE 1-France’s Wendel says still committed to St Gobain glassonweb.com
Date: 10 June 2009
Source: Reuters.com

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