Vivendi has crossed the 20% threshold in the capital of the publishing and distribution group Lagardère, of which it becomes the largest shareholder, and " plans to request " representation on the supervisory board, according to a notice published Wednesday by the Autorité des financial markets.
Read also: Arnaud Lagardère wins his showdown against Amber Capital
According to this document, the media group controlled by businessman Vincent Bolloré on Tuesday held 21.19% of the capital of Lagardère SCA and 16.01% of the voting rights, and " intends to continue its purchases under reserve market conditions ”. " Vivendi SE plans to request his appointment or that of one or more people as a member of the supervisory board," said the group, referring to the "uncertain nature of the changes announced on May 25 in the organization of operational control." of Lagardère SCA. "
Control with 7% of the shares
The holding company of the billionaire Bernard Arnault, majority shareholder of the luxury group LVMH, had announced on this date to have taken " approximately a quarter " of the capital of the family holding company of Arnaud Lagardère, Lagardère Capital & Management (LC&M), which holds its participation in the group that bears his name. This financial support, of around 80 million euros according to a source familiar with the matter, and the "concerted action " between Bernard Arnault and Arnaud Lagardère had surprised Vincent Bolloré, while Vivendi had gone up to Lagardère's capital to support his general partner facing the British fund Amber Capital (18% of the capital) at the last general meeting on May 5.
Read also: Arnault-Bolloré face-to-face at Lagardère
The atypical status of the Lagardère group in limited shares allows Arnaud Lagardère (general partner) to retain control with only around 7% of the shares. But indebted and disputed, Arnaud Lagardère had to fight and obtain the support of the sovereign fund of Qatar (13% of the shares), Vivendi and the financier Marc Ladreit de Lacharrière (holding Fimalac) to defeat Amber's project to replace almost all of the supervisory board, the only body that can oppose the manager.
