Vivendi: Why Bolloré does not want to launch a takeover bid on Vivendi for the moment

(BFM Bourse) – During the group’s general meeting on Wednesday, Cyrille Bolloré declared that the company did not really want to cross the 30% threshold synonymous with the mandatory triggering of a public takeover bid. The day before, Vivendi shares fell due to a sale of shares by the company.

Cyrille Bolloré, CEO of the diversified group that bears his name, called on its shareholders at a general meeting on Wednesday to “be patient” before seeing the billions of euros from recent sales reinvested, particularly in Africa.

Given the global economic context “full of uncertainties for 2023”, “we will have to be patient. The group is not a suicide bomber”, said the leader.

For several years, investors have been hoping that the Bolloré family will simplify the cascade of holdings that allows it to control its empire, and thus raise the value of their securities.

In the shorter term, analysts are counting on a takeover bid launched on the French media giant Vivendi, of which the Bolloré group, sitting on a cash position of 12 billion euros, today holds a little less than 30% of the shares.

Bolloré wants to stay in control of the calendar

But the patriarch Vincent Bolloré is keen to keep control of the tempo and offloaded 1.5 million Vivendi shares in mid-May so as not to risk crossing the 30% threshold which makes the triggering of such an offer mandatory. .

The operation – which caused the decline of Vivendi and Bolloré shares on Tuesday – coincided with a takeover of many shares by the Vivendi group itself, however spotted Amaury de Granvilliers, individual shareholder of the Bolloré galaxy.

“We don’t really want to go over the takeover threshold. The project is not on the agenda,” replied Cyrille Bolloré. “If it were necessary to simplify one day, it will be necessary to sit on solid assets and hybrid redeployment strategies” both financial and industrial, affirmed the CEO.

Sale of logistics to CMA-CGM

For the moment, Bolloré is trying to complete the sale of its international logistics activity to the shipowner CMA-CGM by April 2024, which should earn it 4.65 billion euros excluding debt, and hopes for June 14 approval from Brussels to get their hands on Lagardère.

The group will then focus on media and communication (Canal+, Havas, Prisma Media, Hachette Livre) with a residual stake of 28% in Universal Music Group.

For the moment, it retains an activity of storage and transport of oil, electronic systems (access control terminals), and has given itself until 2026 to develop a fourth generation electric battery.

(With AFP)

J. M. – ©2023 BFM Bourse