Vivendi to Own 57.3% Stake in Lagardere Group Following IPO

variety.com:

Elsa Keslassy International CorrespondentVivendi is on track to own a 57.35-percent stake in Lagardère, the French media, publishing and travel retail conglomerate, following a public tender offer which took place May 27 to June 9.

If approved by the anti-trust board, Vivendi will also own 47.33% of the voting rights of Lagardère. As part of the IPO, which Vivendi described as “friendly,” an additional 20,245,979 shares have been presented, bringing their number to 31,184,281 shares for the totality of the tender offer.

The holders of these shares will receive an equal number of transfer rights at a price of €24.10 until Dec. 15.Vivendi previously owned 45.1% of the Lagardère capital through its acquisition of a 17.5% stake from Amber Capital during the fourth quarter of 2021.

The deal placed Vivendi above the 30% share capital and voting right threshold in Lagardere, allowing the company to make a takeover bid.