The French group Vivendi takes another step towards control of the Lagardère group. At the end of the takeover bid (which was reopened from 29 May to 7 June 2022), Vincent Bolloré’s group reached 57.35% of the capital. The decision of the Autorité de la Concurrence is now awaited, which will have to pronounce on the 47.33% of voting rights that Vivendi acquired with the takeover bid (it currently holds 22.45%). In the meantime, the group has announced its intention to restructure the ownership and governance of the radio pole, which includes the three national networks Europe 1, RFM and Virgin Radio. The operation will have to be financially neutral, and (as ‘Les Echos’ writes) the activities could be brought together in a limited partnership in which the limited partners would be companies of the Lagardère group and the general partner Arnaud Lagardère.
A few months after entering the capital of the Lagardère group, Vivendi aims to take control: in recent days it has announced its intention to acquire the package of 18% owned by the Amber Capital fund and that it will then present the Opa. Vivendi, which already has 27% of Lagardère’s shares in its portfolio, has set December 15, 2022 as the time horizon, offering 24.1 euros per share, thus recognizing a premium of about 20% compared to the quotations. However, the transaction must obtain the green light from the CSA (Conseil Supérieur de l’Audiovisuel), the Autorité des Marchés Financiers and the European Commission. In order to finance the acquisition, Vivendi’s owner Vincent Bolloré sold shares in Universal Music (retaining a sufficient 10% to maintain control), before listing the music giant on the Amsterdam stock exchange. The listing was a success, because compared to the placement fee set at 18.5 euros per share, the shares rose to 26.45 euros (+35%), giving the group a value of around 45.5 billion euros compared to 33 at the placement.