Low-profile value investor Silchester has put its head above the parapet in France, where it has objected to the manoeuvres of dairy products group Bongrain.

Silchester and ginger group Association de Défense des Actionnaires Minoritaires (Adam) together own 5.5% of Bongrain's shares (3.6% of the voting rights). They are challenging Bongrain's decision to effectively lift its gearing by increasing its stake in another dairy products specialist, Compagnie Laitière Européenne.