Vivendi announces a proposed takeover bid for Lagardère – Economy

Vivendi, which already owns 27% of Lagardère, is giving itself until December 15, 2022 to carry out this operation announced at a price per share of 24.10 euros, or around 20% of premium compared to the current price. The operation is subject to the authorization of several authorities, including the Superior Audiovisual Council and the European Commission, due to the risks of concentration in the publishing and media sectors.

Amber and Vivendi reached an agreement in August 2020, at the heart of a shareholder battle at Lagardère, which included a right of first offer and reciprocal pre-emption. The fund proposed to Vivendi to acquire its stake, and the supervisory board of the media giant, owner of Canal +, Havas and Editis, accepted and concluded a “sales contract under conditions”.

“The culmination of a long process”

“This sale marks the culmination of a long process and of an investment strategy whose objectives have been achieved,” said in a separate press release Olivier Fortesa, managing partner of Amber Capital, the British fund which had initiated the rebellion against the governance of Lagardère.

“We have every confidence in the ability of Vivendi, which is one of the largest French industrial players, to continue the group’s development in all of its businesses,” added Joseph Oughourlian, founder of Amber Capital.

With Amber’s share, Vivendi would end up owning 45% of the capital and 36% of the voting rights of Lagardère, forcing it to file a public offer on the remaining shares. The other main shareholders are Arnaud Lagardère, Bernard Arnault (Financière Agache) and the Qatar sovereign fund.

“As a result, a proposed public offer at the same price targeting all Lagardère shares not yet held by Vivendi will be filed on a mandatory basis with the Autorité des marchés financiers in accordance with applicable regulations,” explains Vivendi in its press release. .

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