By Sam Schechner
PARIS--French conglomerate Groupe Bolloré said Thursday it has
again boosted its stake in Vivendi SA, bulking up the influence of
chairman Vincent Bolloré as he faces a challenge from an activist
shareholder.
Groupe Bolloré, which is controlled by Mr. Bolloré, said that it
has increased its stake in Vivendi to 10.2% from 8.2% through the
purchase of nearly 30 million shares for a total price of EUR632
million ($689 million).
The slug of new shares tightens Mr. Bolloré's grip on the French
firm as he faces a tough challenge from a U.S. hedge fund that
wants him to boost Vivendi's cash returns to shareholders after
selling billions of euros in assets that accounted for more than
half of its revenue.
P. Schoenfeld Asset Management, which owns around 0.8% of
Vivendi, came to Paris earlier this week to pitch other
shareholders on a plan that includes a EUR9 billion special
dividend for shareholders. Vivendi's board agreed this week to put
three resolutions on dividends and voting to shareholders, but
encouraged shareholders to abstain or to vote against them.
Write to Sam Schechner at sam.schechner@wsj.com
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