Vivendi Has No Plans to Propose Nominations for Lagardere's Supervisory Board
April 24 2020 - 8:42AM
Dow Jones News
By Mauro Orru
Vivendi SA has no plans to put forward nominations for Lagardere
SCA's supervisory board, according to a statement on Friday from
French market regulator AMF.
The announcement comes just days after Vivendi bought a 10.6%
stake in the French media company, citing its confidence in future
prospects for Lagardere, which Vivendi said is "experiencing
difficult times."
Vivendi currently owns 10.98% of Lagardere SCA's share capital
and 8.22% in voting rights, according to the AMF statement.
Analysts at U.S. bank Citi and European investment bank Bryan
Garnier earlier in the week pointed to press reports suggesting
that Lagardere CEO Arnaud Lagardere had been seeking help from
French industrialists, such as Vincent Bollore, in a standoff with
activist fund Amber Capital, which owns more than 18% of
Lagardere's share capital and 14% of voting rights.
Lagardere late Monday said that it was urging shareholders to
reject 15 resolutions submitted by Amber Capital to replace all
members of its supervisory board and appoint eight new independent
members.
Amber said in statement on Wednesday that proxy advisors Glass
Lewis, Proxivest and ISS backed its "proposals for a significant
change in the composition of the supervisory board, including the
revocation of the current chairman."
The fund added that the three advisors were against the service
agreement between Lagardere and LC&M, the managing partner's
personal holding entity.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
April 24, 2020 08:27 ET (12:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Vivendi (PK) (USOTC:VIVHY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vivendi (PK) (USOTC:VIVHY)
Historical Stock Chart
From Apr 2023 to Apr 2024