Vincent Bolloré he was recalled by French Consob (Amf): must launch apublic tender offer for Vivendi in the next six months as a result of the company's restructuring that took place last year. stock soars on the stock exchange (+10,25% to 3,26 euros in the early afternoon on Friday) even if the AMF, specifies a note, "will in any case guarantee that the offer is not closed until the Court of Cassation will not have ruled on the pending appeals against the Court of Appeal's ruling of April 22nd".
Vivendi, AMF: Bolloré requires mandatory takeover bid within six months
The Bolloré group currently holds the 29,9 % Vivendi, which in turn holds 3,7% of its own shares, and according to the AMF, these shares must be assimilated, thus bringing Bolloré above the 30% threshold: the threshold that triggers the mandatory takeover bid. Vivendi, which has a market capitalization of approximately 3,3 billion euros, in December 2024 finalized the spin-off and listing of its three main entities on as many stock exchanges. Canal + she landed in London, Havas in Amsterdam and Hatchet in Paris, while Vivendi took on the role of holding and investment company. Previously, in 2021, Vivendi had spun off and listed in Amsterdam Universal Music Group. The 2024 split was also approved during a meeting by a large majority, equal to over 97 % of the group's shareholders, but encountered strong opposition from some minority shareholders, in particular the Parisian fund Ciam, who turned to the judiciary.
In November 2024, the AMF concluded that Bolloré did not exercise legal control over Vivendi, despite holding approximately 29,9% of the capital, and that therefore there was no obligation to launch a takeover bid in the context of the demerger. In April, the Court of Appeal overturned the ruling. annulling the AMF's decision Recognizing that Vincent Bolloré effectively controls Vivendi through his voting rights and influence, the court ordered the AMF to review the terms of the demerger and assess whether a takeover bid should have been, or still must be, implemented to protect minority shareholders. Following this decision, the Bolloré Group and Vivendi appealed to the Supreme Court of Cassation, challenging the Court of Appeal's ruling.
