Vivendi shareholders give the green light to the split of the group

by time news

Teh three resolutions put to the vote during the general assembly in Paris⁣ were each validated by more than 97%.

End of suspense for ⁤Vivendi. The group’s shareholders on Monday approved almost unanimously⁢ the proposed split into four entities of the French media and publishing giant, controlled by billionaire Vincent Bolloré. The three resolutions put to the⁣ vote at the general meeting of shareholders in Paris ⁣were each validated by over 97%.‌ This step ‌was ‍necessary before ⁣the actual split of the conglomerate‍ and, from 16 December, ⁤the‍ new listing of the entities: Canal+ on the London Stock Exchange, Havas (communications) in Amsterdam and Louis Hachette Group in Paris. The Vivendi holding company will remain​ listed ⁤on‌ the Paris Stock Exchange.⁤ According to⁤ the​ chairman of the board of​ directors of Vivendi,⁤ Arnaud de Puyfontaine, yes “a ⁢new chapter in ‍its history” wich opens for the group, “while remaining ‍true to who‍ he is”. “The starting point” of the operation, announced a year ago, ⁣was “The price of Vivendi ‍shares”Who‌ “did not reflect the true value of his assets”recalled Yannick Bolloré, son of ‌Vincent​ Bolloré and chairman of the supervisory board‍ of Vivendi.

The conglomerate’s discount reached 44%, ‍which constitutes “a handicap for us shareholders and for the growth of our activities”he added. “This project is in the interest of all shareholders. There is‌ no other alternative to‌ the status quo.”the leader also insisted.‌ The split upsets some small shareholders, very much in the minority, ‌who fear losing ​out and seeing Vincent Bolloré strengthen his ‍control. Yannick Bolloré assured that the split ​exists “the way to create value‌ for all shareholders”. And if it were the Bolloré‌ group, ‌major⁣ shareholder with 29.9% of Vivendi, that took control, “this is not the strategy‌ you⁣ would choose”.

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