It is a decision that reshuffles the cards of the fate of the newspaper
La Provence
. This Tuesday, January 11, the Marseille commercial court decided to lift the authorization right enjoyed by Xavier Niel, as a shareholder up to 11% of Provence, on a possible buyer of the newspaper. The court was seized last month by the liquidator of the Bernard Tapie Group, Frédéric Avezeri, in order to guarantee the freedom of the judge-commissioner on the choice of the buyer of the regional daily. The boss of Free and a personal shareholder of the Le Monde Group should appeal the decision to the Aix-en-Provence Court of Appeal, which could rule within three months, based on article 4 of August 1, 1986 reforming the legal regime of the press.
Read alsoFour candidates for the takeover of
Provence
If he loses his right of approval, Xavier Niel still has a right of pre-emption which will allow him to buy back the Provence securities at the same price as that offered by CMA CGM.
The decision of the Marseille court, however, reshuffles the cards.
Pending a possible appeal decision, it puts the boss of Free and a personal shareholder of the Le Monde Group on an equal footing, with the potential players who would like to take back the 89% of shares held by the late Bernard Tapie in La Provence through its companies.
The latter had been placed in liquidation in April 2020, after the cancellation of the arbitration in the Crédit lyonnais-Adidas case.
The decision of the Marseille court thus sounds like a first victory for the Marseille maritime group CMA-CGM, led by Rodolphe Saadé, Xavier Niel's main competitor in this case.
Last month, he also filed an offer to take over the newspaper.
The Bobigny court, in charge of the case, planned to unseal the takeover bids from Xavier Niel and Rodolphe Saadé on February 27.
This court could decide to maintain the date of February 27 or to wait for the decision of the Aix-en-Provence Court of Appeal.
According to two recent expertises, one of which was commissioned by the judicial administrator in charge of the case, Provence was valued at 40 million euros.
Operation seduction
Since the submission of his takeover offer, Rodolphe Saadé has gone on a seduction operation with the personnel of Provence and the major local economic players in the region. Beyond the purchase price, the shipowner promises an investment of 35 million euros, to develop the digital offer of the newspaper and build its own printing plant around Marseille. Rodolphe Saadé guarantees the preservation of 850 jobs in Provence.
In recent weeks, CMA-CGM has publicly received the support of many local players, such as the president of the Aix-Marseille-Provence metropolitan chamber of commerce, that of the Pays d'Arles chamber of commerce, the president of Aix-Marseille French Tech and that of the Confederation of Small and Medium-Sized Enterprises (CPME) of Bouches-du-Rhône.
In this case, Rodolphe Saadé is advised by Me Lionel Spizzichino (Willkie Farr) and Stéphane Fouks, vice-president of Havas.
He also called on Denis Olivennes, DG of
Liberation
, to build a charter guaranteeing editorial independence.
A meeting with Anthony Maarek
On the side of Xavier Niel, a meeting is scheduled for January 14 between the representatives of the employees of La Provence and Anthony Maarek, general manager of NJJ Presse, to detail the content of the offer in terms of financial investment of Xavier Niel. Also a shareholder of the Nice-Matin Group, the businessman plans to build a common printing plant in
Nice-Matin
and
La Provence
in the Var by 2024. In addition, Xavier Niel has granted a loan to
La Provence
, in the context of its upcoming takeover of 49% of the shares in the newspaper
Corse Matin
, currently held by Corsica Maritama Holding (CMH).
Last year, the losses of
La Provence
amounted to 7 million euros.
In early 2021, to repay its debts, the daily sold its Marseille headquarters for 35 million euros.
The editorial staff must pack up before 2023.