Latest news with #Lagardere
Mint
5 days ago
- Business
- Mint
Vivendi Hit by EU Chargesheet for Closing Lagardere Deal Too Soon
(Bloomberg) -- Vivendi SE has been hit with a formal European Union complaint for allegedly closing its takeover of Lagardere SA before obtaining the green light from Brussels. The European Commission said Friday that 'Vivendi exercised decisive influence over Lagardere before the transaction was notified to the commission.' The issuing of a so-called statement of objections could pave the way for future fines of as much as 10% of their combined sales. 'Any potential breach of these rules is a serious matter that must be carefully investigated,' Teresa Ribera, the EU's antitrust chief, said in a statement. 'In this case we are concerned that Vivendi implemented the acquisition of Lagardere before it was legally allowed to do so.' The EU's executive arm takes a dim view of so-called gun jumping — closing a deal before getting blessing from EU regulators — by firms and sees it as a direct attack on its merger review system. It had first started examining potential shortfalls by Vivendi in this regard in June 2023. The regulator also previously took aim at Illumina Inc. and cancer-test provider Grail Inc. for moving ahead with their deal without getting a nod from watchdogs — the merger was eventually ditched amid heavy regulatory scrutiny. Vivendi said in a statement that it 'denies the allegations' and 'will thoroughly review the statement of objections and respond with detailed arguments, with the aim of being cleared of all allegations and securing the closure of the investigation.' Despite the EU's escalation, in 2023 the firm won conditional approval for its takeover of its rival publisher after committing to a 'substantial remedy package.' This included the 'full divestment' of its publishing business, Editis, and a number of units, including publishers such as Robert Laffont, Le Robert and Pocket. The selloffs also encompassed Vivendi's celebrity press magazine Gala, published in France. Earlier on Friday, Vivendi SE surged after France's market regulator ruled billionaire Vincent Bolloré and the eponymous company he controls must make a public offer for shares within six months. The regulator said Bolloré should make a bid for shares of what remains of the original Vivendi, still listed in Paris after last year's breakup of the company. Lagardere is now part of Louis Hachette Group, one of the units split from the conglomerate. (Updates with company comment and French markets regulator's separate decision starting in sixth paragraph) More stories like this are available on
Reuters
5 days ago
- Business
- Reuters
Vivendi rejects EU charges it breached merger rules in Lagardere acquisition
BRUSSELS/PARIS, July 18 (Reuters) - French media group Vivendi ( opens new tab on Friday rejected charges by EU antitrust authorities that it possibly breached merger rules by closing the acquisition of French publisher Lagardere ( opens new tab before receiving the green light for the deal. "Vivendi denies the allegations put forward by the European Commission. It will thoroughly review the statement of objections and respond with detailed arguments, with the aim of being cleared of all allegations and securing the closure of the investigation," Vivendi said in a statement. The European Commission earlier on Friday said it had sent a statement of objections to Vivendi, which it said might have broken merger rules by implementing the acquisition of Lagardere before receiving approval for the deal. The Commission two years ago opened an investigation into the possible infringement of EU merger rules, which could result in a hefty fine. It said it had now informed Vivendi of its preliminary view that the company breached the notification requirement and the 'standstill obligation' set out in the EU Merger Regulation, as well as the conditions and obligations attached to the Commission's June 2023 decision to clear the transaction. "This document sets out the provisional findings of the European Commission's investigation and merely marks the opening of the adversarial phase of the procedure. At this stage, it does not establish any infringement, nor does it entail any sanction," Vivendi said. The company risks a fine of as much as 10% of its global annual turnover if found guilty of breaching EU antitrust rules.
Bloomberg
5 days ago
- Business
- Bloomberg
Vivendi Hit by EU Chargesheet for Closing Lagardere Deal Too Soon
Vivendi SE has been hit with a formal European Union complaint for allegedly closing its takeover of Lagardere SA before obtaining the green light from Brussels. The European Commission said Friday that 'Vivendi exercised decisive influence over Lagardere before the transaction was notified to the commission.' The issuing of a so-called statement of objections could pave the way for future fines of as much as 10% of their combined sales.
The Star
20-05-2025
- Business
- The Star
Welcome to the club
FOR the first time in 35 years, two Paris-based football clubs will be playing in France's top division. Paris FC, who were recently bought by France's richest family, secured promotion to the top flight and will join Qatar-funded Paris St Germain next season in the elite as the City of Light's football scene undergoes a major facelift. Paris FC's promotion to Ligue 1 puts an end to the French anomaly of having only one major football team in the capital. The Star Sportlight take a look at the reasons behind the lack of top clubs in Paris. When fans visit some European cities, they are spoiled for choice about which match to watch. While there are seven London clubs in the Premier League this season, there is only one top side in Paris: PSG. It's a rarity in European football, where big cities such as Madrid, Rome, Barcelona, Milan, and even Manchester and Lisbon, generally have two high-level clubs. Paris FC supporters during the match against Lorient on March 8. — AFP 'There's a paradox. We have a very popular sport that produces great players but for the moment has not produced great clubs in Paris,' said sports history researcher Paul Dietschy. 'The Seine Saint-Denis area (north of Paris) is one of the main scouting grounds for Europe's top clubs. And at the same time, Paris has never produced clubs with the same long-lasting impact as those in major European cities such as Madrid, London, Barcelona or Manchester.' It is not the first time an ambitious billionaire has invested in a Paris club. Before the Arnault family, the late French media baron Jean-Luc Lagardere tried to revive the fortunes of Paris' former greatest team, Racing Club. In the 1980s, Lagardere launched Matra Racing, signing big players such as Uruguay star Enzo Francescoli, Germany's dribbling ace Pierre Littbarski, France midfielder Luis Fernandez and spectacular goalkeeper Pascal Olmeta in an attempt to compete with PSG. It threatened to work, but in the end Matra struggled to draw fans, did not achieve significant results and Lagardere opted out of the ill-fated adventure after just a few years. Many Paris teams alive at the start of the 20th century have gradually sunk from view. Red Star, who have returned to the second division, still enjoy a strong working-class fan base, but their chaotic functioning and lack of stability have kept the club in the shadows over the last 50 years. Paris FC's Mohamed Toure and Jules Gaudin celebrate after the French Ligue 2 match against Grenoble. The lack of top-level clubs in Paris and across the country can find its roots in the complex relationship between France and football. First of all, French football had a slow start. While the English FA Cup was first played in 1871, football did not become France's No. 1 sport until the 1930s-40s. Cycling previously captivated audiences thanks to the Tour de France. In a championship that traditionally struggles to attract star names, lacks significant financial clout and lags behind in salaries, PSG have won 11 Ligue 1 titles in 13 seasons since Qatari backer QSI took over the club. Monaco won in 2017 with a young Kylian Mbappe and Lille did so against the odds in 2021. That makes Ligue 1 easier to invest in for outsiders. The talent is already there. France's exceptional football academies are arguably the world's best along with Brazil and Spain, producing a veritable production line of talent, such as 2022 Ballon d'Or winner Karim Benzema (Lyon) and Mbappe. So French football's richness remains more anchored in its grass roots than its results. Only Marseille have won the Champions League, way back in 1993, and a handful of finals have been graced by PSG, Monaco and, decades ago, Reims. Although French football is well-established with more than two million people affiliated to clubs, interest in Ligue 1 remains fickle and league officials struggle to sell their TV rights. France is not like England, where the passion for football clubs is fierce and pervades every class of society. Even though Les Bleus have won four major trophies and finished runner-up at three others, this has not produced a lasting effect at home. With the few exceptions of teams like Marseille, St Etienne, Strasbourg or Lens, who have faithful supporters, the interest for club football remains mediocre. Interest in the French league did spike considerably during the '80s-'90s, however, when Marseille played with verve and style. Stars like Rudi Voeller, Chris Waddle, Rai and George Weah joined a league where the rivalry between Marseille and newly confident PSG was relentlessly promoted by the clubs' owners: Bernard Tapie at Marseille and pay TV channel Canal Plus at PSG. Then came the Bosman ruling in 1995, which hurt French clubs badly. The end of restrictions on the number of foreign players in clubs led to a mass exodus of French talent to more prestigious and – crucially – higher-paying leagues. It took until the past decade for a French club to re-emerge with major spending power: PSG. Created in 1969, Paris FC's men's team have yet to achieve any significant success. The Arnault family, owners of the LVMH luxury empire, plan to draw on Juergen Klopp's expertise as part of an ambitious project to transform Paris FC into a force in French football. The family's takeover has energy drink giant Red Bull on board as a minority stakeholder. Klopp, the former Liverpool manager, has joined Red Bull as head of global football. Arnault has described the project as a long-term effort to elevate Paris FC's men's and women's teams to top-tier success. — AP
Yahoo
23-03-2025
- Business
- Yahoo
'Antipathy' to US: Tourists turning away from Trump's America
In just a few weeks, the US tourism outlook has clouded as a result of some of President Donald Trump's policy decisions, which have angered some foreign visitors and prompted fear of a surge in prices and a stronger dollar. Foreign traveler arrivals in the United States are expected to decline by 5.1 percent in 2025 compared to last year, against a previously projected increase of 8.8 percent, Tourism Economics said in a report published late last month. Their spending is expected to slide 10.9 percent. Since the report's publication, "the situation has deteriorated further," and the outcome will likely be even worse, Tourism Economics president Adam Sacks said, citing "the effects of antipathy towards the US." In recent weeks, the Trump administration has slapped tariffs on Canada, Mexico, and China -- and threatened to impose them on the European Union. A sweeping plan to curb immigration has intensified. Government bodies like the US Agency for International Development have been decimated, thousands of civil servants from lawyers to park rangers have been laid off, and Trump has drawn up controversial plans for the wars in Ukraine and Gaza. "A situation with polarizing Trump Administration policies and rhetoric... will discourage travel to the US," said Tourism Economics, a subsidiary of Oxford Economics. "Some organizations will feel pressure to avoid hosting events in the US, or sending employees to the US, cutting into business travel," it added. The World Tourism Forum Institute said a mix of stringent immigration policies, a strong dollar and global political tensions "could significantly affect" international arrivals, "potentially reshaping the nation's tourism sector for years to come." Among residents of 16 European and Asian countries surveyed by YouGov in December, 35 percent of respondents said they were less likely to come to the United States under Trump, while 22 percent were more likely. - 'A bit scared' - For tourists from France, Uzbekistan, and Argentina interviewed by AFP in New York's Times Square, Trump's stance has not upended their plans. Marianela Lopez and Ailen Hadjikovakis, both 33, nevertheless used their European passports rather than their Argentine ones to avoid any problems at the border. "We were a bit scared about the situation, but we didn't change our plans," said Lopez. The Lagardere family, who came from France, said it hadn't impacted their plans either. The Americans "elected this president. It's democracy. If they're not happy, they'll change it in four years," said Laurent Lagardere, 54. "He is who he is" and avoiding the United States "won't change anything," Lagardere added. Some 77.7 million foreign tourists were expected in 2024, up 17 percent year-on-year, according to the National Travel and Tourism Office, which does not yet have final figures for last year. - Canadians saying no to New York - Tourists from Western Europe -- who made up 37 percent of visitors in 2024 -- are the most likely to choose other destinations, along with Canadians and Mexicans. The US Travel Association warned in early February that customs tariffs would deter Canadians, the largest contingent of foreign tourists in the United States with 20.4 million in 2024. According to Statistics Canada, the number of Canadians returning from the United States fell 23 percent in February year-on-year, the second consecutive monthly decline. In New York, which welcomed 12.9 million foreign travelers in 2024, the effect is already noticeable, with Canadians canceling tour bookings and a drop in online searches for hotels or Broadway shows, NYC Tourism president Julie Coker told AFP. She lowered her forecast for the year in February but said that so far, only Canadians are saying no to Trump's America. "We're not currently seeing anything from the UK or Europe," because it's too early, she said. "We are definitely watching that very closely." But British and German authorities have just warned their nationals to be extra vigilant with their travel documents, citing the risk of arrest. United Airlines has noted a "big drop" in travel from Canada to the United States as well as a decline in demand for domestic travel, as have several competitors. According to Tourism Economics, the tourism sector could lose about $64 billion in revenue in 2025 due to the decline in international and domestic travel. Americans now appear frozen by the economic outlook, and terms like recession and inflation also scare tourists, along with the risk of a stronger greenback, experts point out. "This will make the US more expensive for inbound travelers, dampening both visitor volume and average length of stay," noted Tourism Economics. Professionals also fear the effects of tightening immigration policy on major sports events hosted by the United States, such as the Ryder Cup (2025), the FIFA World Cup (2026), and the 2026 Summer Olympics in Los Angeles. elm/mtp/mlm/sst
