Latest news with #Vivendi
Reuters
8 hours ago
- Business
- Reuters
Canal+ gets conditional approval for MultiChoice takeover
JOHANNESBURG, July 23 (Reuters) - South Africa's Competition Tribunal has approved France's Canal+ (CAN.L), opens new tab 35 billion rand ($2 billion) takeover offer for TV broadcaster MultiChoice (MCGJ.J), opens new tab, subject to agreed conditions, the companies said on Wednesday. The deal marks a watershed in Africa's media landscape, potentially reshaping the continent's broadcasting system. It signals a strategic consolidation aimed at countering global streaming giants such as Netflix. The deal is transformative for Canal+ as part of its expansion in Africa, particularly in English-speaking regions, while for MultiChoice, it will provide much-needed capital to supercharge its local content and innovation. Canal+, which spun off from parent company Vivendi ( opens new tab in December, made a firm offer last year of 125 rand in cash per MultiChoice share that it does not own, valuing MultiChoice at about 55 billion rand. The agreed conditions include a package of guaranteed public interest commitments proposed by the parties. The package supports the participation of firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises in the audio-visual industry in South Africa. "This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success," the companies said. ($1 = 17.5543 rand)
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.
Business Wire
5 days ago
- Business
- Business Wire
Vivendi Takes Note of the Statement of Objections Issued by the European Commission and Denies Its Claims
PARIS--(BUSINESS WIRE)--Regulatory News: Vivendi (Paris:VIV) takes note of the statement of objections issued by the European Commission as part of its formal investigation regarding the acquisition of sole control of the Lagardère Group by Vivendi. 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 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. About Vivendi Since its creation, Vivendi has established itself as a player in content, media and entertainment, developing a portfolio of both listed and unlisted assets, each a leader in its market. Vivendi owns 100% of Gameloft, a world-renowned video game publisher that successfully develops multi-platform games for consoles, PCs, and mobile devices. Vivendi's asset portfolio includes minority stakes in leading publicly traded companies: Universal Music Group and Banijay Group in content and entertainment, and MediaForEurope and Prisa in media and telecommunications. In addition, Vivendi owns a stake in the publishing and travel retail sector with Lagardère and a residual stake in telecoms with TIM in Italy. Leveraging its strategic and economic expertise, Vivendi anticipates global dynamics and participates in the transformations of the sectors in which the group operates, notably the digital revolution and new consumer uses of content. Vivendi supports value-creating companies, offering sustainable prospects and a positive contribution to the evolution of our society. Guided by a long-term vision and a constant drive for innovation, the group relies on experienced teams to identify and support sustainable growth projects. Corporate Social Responsibility (CSR), a commitment made in 2003, is at the heart of Vivendi's strategy and shapes each of its decisions.
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.
