June 1, 2011 / 9:43 PM / 7 years ago

UPDATE 1-Cascades chairman-controlled firm buys more shares in co

* Gestion Laurent Lemaire raises stake by 4 pct

* Pays C$3.2 mln for the stake (Follows alerts)

June 1 (Reuters) - Cascades Inc’s chairman-controlled firm raised its stake in the packaging and paper products company by about 4 percent for C$3.2 million ($3.3 million).

Gestion Laurent Lemaire bought 500,000 shares of Cascade for C$6.35, which is a premium of just over 1 percent to Wednesday’s close of C$6.26 on the Toronto Stock Exchange.

Cascades chairman Laurent Lemaire and Gestion and now together own 12.17 million shares, or 12.47 percent, of the outstanding shares.

Laurent Lemaire was the chief executive of Cascades from 1992 to 2003 and passed on the role to his younger brother Alain Lemaire. ($1 = 0.969 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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