The Battle Over Valeo

Investors should spare a thought for Thierry Morin, the embattled boss of Valeo, even if he needs to do more to gain their sympathy. Morin is trying to fend off two minority holders -- Pardus Capital Management and Guy Wyser-Pratte -- with diametrically opposed views on creating value at Valeo. Morin insists that Valeo should steer a middle path, making bolt-on acquisitions in the US where it can, as it whittles away at its lower-margin operations, with the aim of doubling its operating profit margin to more than 6% by 2010.