French Markets Regulator Orders Vivendi Withdrawal Offer
The Autorité des Marchés Financiers stated on Friday that last year's breakup of Vivendi SE into four parts should have triggered an offer to all stakeholders to buy back their shares. Since the company is now split, the offer must be provided to shareholders in the remainder of Vivendi, which has a market value of €3.24 billion ($3.8 billion), it said.
The ruling favors activist investor group CIAM, which had argued the splintering of Vivendi gave preferential treatment to top shareholder Bolloré SE over the interests of minority shareholders. If enough shareholders accept the offer, the company may delist.
Vivendi's breakup has been one of the biggest and most surprising shake-ups within the Bolloré empire to date. It was billed as a way to reduce Vivendi's so-called conglomerate discount and increase Bolloré's control over his empire.
Representatives for Vivendi SE did not immediately respond to a request for comment. Vivendi shares jumped 7.8% at 10:00 a.m. in Paris on Friday.
Vivendi trades in Paris. Pay-TV arm Canal SA now trades in London, advertising agency Havas NV in Amsterdam and publisher Louis Hachette Group in the French capital.
In April, a Paris court found that the French tycoon effectively controls Vivendi through his eponymous holding Bolloré SE and controls the decisions made at its shareholders' meetings. The finding overturned a decision last November by the markets regulator.
The media tycoon has appealed the April decision and any public withdrawal offer won't be closed until the appeal's outcome is known.
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