Australian investor for Eutelsat

eutelsatAustralia-based private equity investment manager Lazard Asset Management Pacific has acquired 16.98 million shares in Eutelsat, representing a 7.30 per cent stake in the company.
Lazard apparently bought its stake prior to May 24th on the open market, just days after the satellite operator’s profits warning on May 12th, and the following day’s 30 per cent share price crash.

French stock exchange rules require any purchaser to formally declare their holdings once they pass the 7 per cent threshold.  Sources suggest that Lazard is not requesting a Board seat.

Currently Eutelsat has lost almost 50 per cent of its share price value in the past year. It fell an additional 1.75 per cent on June 6th. A year ago Eutelsat’s shares were trading at up to €31.42.  June 6th saw them hit a near-bottom of €16.29.

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