PARIS, May 22 (Reuters) - French cable maker Nexans agreed on Thursday to call off the agreement that locks the holding of its key shareholder Invexans at between 25 and 28 percent as requested by the Chilean copper group.
“Invexans confirms its support of Nexans while maintaining a balanced board representation,” Nexans CEO Frederic Vincent said in a statement.
Invexans will not ask for a board representation in excess of three non-independent members in a board of fourteen members, the statement said.
The Chilean group earlier said that it was not seeking to take control of the French company and had no plans to cut its stake or increase it above 30 percent. (Reporting by Maya Nikolaeva; editing by Michel Rose)