Finance
What's at stake in Bolloré's court case on Vivendi control?
Published by Global Banking and Finance Review
Posted on November 25, 2025
3 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on November 25, 2025
3 min readLast updated: January 20, 2026
The Bolloré family's control over Vivendi is under court scrutiny, potentially leading to a multibillion-euro buyout offer if deemed in violation of French market rules.
(Corrects paragraph 2 to say the day of the hearing is Tuesday, not Wednesday)
By Leo Marchandon and Gianluca Lo Nostro
(Reuters) -France's highest civil court, the Cour de Cassation, is set to deliver a ruling on Friday that could compel the billionaire Bolloré family to launch a multibillion-euro buyout offer for minority shareholders of Vivendi.
The court's decision will follow a hearing scheduled for Tuesday and will decide whether the Bollorés breached French stock market rules by exercising "de facto control" of Vivendi without triggering a mandatory buyout offer.
WHAT IS THE CASE ABOUT?
The argument began at the time of Vivendi's 2024 breakup, which spun off its Canal+, Havas, and Louis Hachette businesses. While the split won the approval of 97% of shareholders, minority investors claimed it unfairly increased the Bolloré family's influence.
Under French law, shareholders surpassing a 30% ownership threshold must launch a buyout offer. Although Bolloré SE directly owns only 29.9% of Vivendi, the Paris Court of Appeal ruled in April 2025 that the family exercised effective control of the company due to their larger influence over it, and that the treasury shares of Vivendi should be counted as theirs, surpassing the 30% threshold.
This interpretation - key to the case - raised questions about how "de facto control" should be evaluated under French commercial law, whether by strictly considering voting rights or taking into account broader influence over the company.
HOW DID WE GET HERE?
The case was initiated by activist investor CIAM, which appealed to France's financial markets regulator (AMF) in 2024, arguing that the Bolloré group controlled Vivendi.
While the AMF initially sided with the Bollorés, the Paris Court of Appeal overturned this decision in April 2025 and ordered a mandatory buyout.
In July 2025, the AMF directed Bolloré to draft a takeover and withdrawal plan within six months, pending the outcome of the Cour de Cassation appeal.
CONSEQUENCES OF THE VERDICT
If the court sides against Bolloré, the family could be required to implement one of France's largest buyouts since the government nationalised utility EDF in 2022.
Potential costs have been estimated between 6 billion and 9 billion euros ($6.9 billion-10.4 billion).
A negative outcome for Bolloré could also prompt asset sales, including its 18% stake in Universal Music Group (UMG.AS).
Billionaire investor Bill Ackman, a significant UMG shareholder, warned last week that ongoing uncertainty had weighed on UMG's shares, which have fallen 25% year-to-date.
A Bolloré victory would nullify the buyout obligation, with the court's advocate general recommending to overturn the appellate ruling.
CIAM expressed frustration at the potential for an unfavorable decision and vowed to escalate the matter to the European Court of Human Rights if necessary.
Vincent Bolloré stepped down as chairman of Bolloré SE in February 2022, ceding leadership to his sons Cyrille and Yannick Bolloré.
(Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk; Editing by Matt Scuffham)
Corporate governance refers to the systems and processes that direct and control a company. It encompasses the mechanisms through which companies, and their stakeholders, are held accountable.
A buyout offer is a proposal made by an investor or company to purchase a controlling interest in another company, often at a premium over the current market price.
De facto control refers to the actual control of a company, even if it does not have formal ownership or majority voting rights. It often involves significant influence over management decisions.
Treasury shares are shares that were once part of the outstanding shares of a company but were later repurchased by the company itself. They are not considered when calculating dividends or earnings per share.
A mandatory buyout occurs when a shareholder or group of shareholders is required by law to offer to purchase the shares of minority shareholders when their ownership exceeds a certain threshold.
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