Warner Music gives up on buying the French company Believe. The group had positioned itself to buy the music distribution company.
The union of independent producers and distributors UPFI was worried about the “destructive consequences” of such a takeover on employment and creation. Believe was listed on the stock market at a price of 19.50 euros per share, valuing the company at around 1.5 billion euros, according to the Financial Markets Authority (AMF), which must approve any public purchase offer.