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Seagram Co. chairman and chief executive Edgar Bronfman said the company is “not in any hurry” to raise its stake in Time Warner Inc. to 15% from its current 5.7%.

Following the Seagram annual meeting in Montreal Wednesday, Bronfman said, “We are not going to chase the stock up.”

He added, “It could take a year” or “a few months” to raise the stake to 15 %.

The distiller made its purchase, valued at over $ 700 million, public in a filing with the Securities & Exchange Commission May 16.

Bronfman said Seagram has arranged a line of credit of $ 2 billion with banks , but didn’t specify whether the line of credit was exclusively to fund stock purchases.

The exec said the 15% figure was “somewhat arbitrary, but not totally.” He said he believes such a position will give Seagram “some input” into Time Warner’s management, “but we don’t want to run the company.”

Bronfman said his son, Seagram prexy/chief operating officer Edgar Bronfman Jr., is to meet soon with Time Warner CEO Gerald Levin. The elder Bronfman was non-committal as to whether Seagram will eventually seek board representation at Time Warner.