Vivendi Increases Lagardere Stake to 21.19% -- Update
July 15 2020 - 12:10PM
Dow Jones News
--Vivendi increased its stake in Lagardere to 21.19%, with
16.01% in voting rights
--Amber Capital also increased Lagardere stake to 19.93%,
reaching 15.06% in voting rights
--Both Vivendi and Amber plan to call for the appointment of one
or more new members of Lagardere's supervisory board
By Mauro Orru
Vivendi SA has increased its stake in Lagardere SCA to 21.19%,
French market regulator AMF said in a statement on Wednesday.
The AMF said the French media company had 21.19% of Lagardere's
share capital and 16.01% in voting rights as of July 10.
The announcement comes nearly three months after Vivendi bought
a 10.6% stake in Lagardere, also a French media company, which
Vivendi said was "experiencing difficult times."
Vivendi said at the time it had no plans to put forward
nominations for Lagardere's supervisory board. However, the latest
AMF statement cites Vivendi as saying it plans to request the
appointment of one or more people as members of the supervisory
board.
Meanwhile, the AMF said in a separate statement on Wednesday
that activist investor Amber Capital--which has been ramping up its
stake in Lagardere in the past few months--retained 19.93% of the
company's share capital and 15.06% in voting rights as of July
10.
Amber also plans to call for the appointment of one or more new
members of Lagardere's supervisory board, according to the AMF
statement.
Amber has recently pushed for changes at Lagardere's annual
general meeting, including an overhaul of its legal structure and
the ousting of Mr. Lagardere as chief executive. However,
shareholders rejected Amber's proposals.
Groupe Arnault also agreed in late May to buy a 25% stake in the
Lagardere family holding.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 15, 2020 11:55 ET (15:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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