Bluebay Buys 22.5% Of Infogrames Stock

Officials from French publisher Infogrames, the parent company of the U.S. based Atari, have announced that Bluebay Value Recovery Fund has bought 22.5 percent of the publisher's stock, though it adds it does not want to take over the company. According to an AFX News report, Bluebay now owns a total of 288,627,392 shares in Infogrames, making it the publisher's largest shareholder, next to GLG group funds at 9.29%, and Morgan Stanley at 4.06%. The remaining 64.15 percent of shares are free on the Euronext Paris exchange. Bluebay has told the Autorité des Marchés Financiers that it has no intention of taking a control of the company, but that it does seek representation on the publisher's board. It is scheduled to purchase as much as 49 percent of shares. In May, Infogrames announced that sales for the company’s full financial year had fallen 16.7 percent on the previous year to €304.5 million ($410.9m), due to a drop in U.S. sales in the second half.