PARIS (Reuters) - French investment company Wendel (MWDP.PA: Quote, Profile, Research) said on Thursday it had agreed terms with building materials group Saint Gobain (SGOB.PA: Quote, Profile, Research) for Wendel to have three members on Saint Gobain's board.

"At Wendel's request, three members of the board of directors representing Wendel will be proposed by the board of directors of Saint-Gobain at the annual shareholders' meeting," Wendel said in a statement.

Over the last few months, Wendel has been gradually building up its stake in St Gobain and the company had been pushing for a greater say in the running of St Gobain.

Wendel added it may increase its stake in St Gobain to 21.5 percent, from its current holding of around 18 percent.

It said that in 2010 and 2011 it would limit the use of double voting rights to 34 percent of the votes.

(Reporting by Sudip Kar-Gupta)