Paris Court Finds Bolloré Lacks Effective Control Over Vivendi In Key Ruling
Paris Court of Appeal Decision and Its Implications
Background of the Ruling
July 8 (Reuters) - Paris' Court of Appeal ruled on Wednesday that Vincent Bolloré and Bolloré SE do not exercise control over Vivendi SE, Vivendi said in a statement.
Impact on Mandatory Buyout Prospects
The decision removes, for now, the prospect of a mandatory buyout of Vivendi by Bolloré. Shares in Vivendi were down 10% at 0900 GMT.
Previous Appeals Court Ruling
A previous appeals court had ordered a buyout that analysts estimated could cost 6 billion to 9 billion euros ($10.27 billion), but France's top civil court quashed that ruling in November and sent the case back to Paris' Court of Appeal.
Origins of the Dispute
Vivendi's 2024 Break-up and Minority Investor Concerns
The dispute stems from Vivendi's 2024 break-up, which minority investor CIAM said strengthened the Bolloré family's grip on the group despite Bolloré SE holding 29.9%, just below France's 30% mandatory bid threshold.
Exchange Rate Reference
($1 = 0.8761 euros)
Reporting Credits
(Reporting by Lucie Barbier and Leo Marchandon in Gdansk; Editing by Mark Potter and Matt Scuffham)
