The shareholders may, from April 14 to May 20, give up their units to Vivendi at 25.50 euros per share. The eagerness of Vivendi to integrate Lagardère can be explained by the will of Vincent Bolloré to give the power to his children.
Le Monde and AFP
This is Thursday, April 14 that Vincent Bolloré, at the French Group Leagle Vivendi, must launch the takeover bid (OPA) to take control of Lagardère.
Vivendi had entered the spring 2020 to the capital of the owner of Europe 1, from the Journal du Sunday (JDD) and Paris Match, then weakened by the CVIV-19 crisis (especially on its network of shops in the stations and airports) and threatened by a shareholder sling.
Heavy media weight, owner of Canal + but also from Editis and Havas, Vivendi had been able to ally with the Amber Capital Activist Fund to obtain a transformation of the impregnable citadel Lagardère in ordinary anonymous and especially “Operable” .
After Led Battle, Arnaud Lagardère, at the head of the Industrial Empire and Media built by his father, Jean-Luc, disappeared in 2003, had to resolve to welcome “the Vivendi Group and the Bolloré family, pledge Stability and support for our culture, our strategy and our integrity over the long term, “he wrote recently to his shareholders.
The latter may, from April 14 to May 20, give up their shares to Vivendi at 25.50 euros per share (including the dividend of 50 cents proposed by Lagardère for the financial year 2021). This draft offer has been validated Tuesday by the Autorité des marchés financiers (AMF), which declared it “compliant”.
Today owner of 45% of the Lagardère titles, the group of Vincent Bolloré, who has a broad treasury after the sale of Universal, wants this price to become majority. But he also imagined a subsidiary offer mechanism, which allows him to acquire any remaining action at the price of 24.10 euros until December 15, 2023.
Arnaud Lagardère Comforte
Faced with a heavy personal debt, Arnaud Lagardère, who obtained from remaining President and CEO (CEO) until 2027, on the other hand, already expressed his intention to bring 15.6 million Titles (11% of the capital) to the subsidiary offer and immediately naptify the transfer fees obtained as a guarantee of a new funding. The leader thus opens the way for an assignment of his securities, without waiting for the completion of the operation, which remains suspended over the green light of the European competition authorities.
The rapprochement between Hachette and Editis, the two leaders of the edition in France, leads to an ultracominant position of this new entity on the sector, that Vincent Bolloré himself had recognized before senators, stating that Marriage “would not happen without measures taken in France”, including disposals of publishing houses.
In terms of media, Radio Europe 1 is already well stowed at the CNEWS conservative info channel, with which it shares many animators. The official integration of the station must, however, obtain the approval of the ARCOM (ex-CSA).
As for the magazine Paris Match and the weekly the JDD, very influential in the political environment, they seem to be integrated by Vivendi to the Prism Media press group, and have seen in recent months several leaders be limited or Remove.
The eagerness of Vivendi to integrate Lagardère can be explained by the will of Vincent Bolloré, who celebrated his 70 years on the first April, to give the power to his children. A transition for which points remain to be resolved but whose contours seem to be emerging: the Bank ODDO BHF expects the next Bolloré group – to full pockets after the sale for nearly 6 billion euros of Its African logistics activities – or to become a majority at Vivendi, which it now holds 29.5%. In doing so, Vincent Bolloré strongly would strongly secure his new media empire, before transmitting it.