Lagardere will remain listed, Vivendi chairman tells Figaro

Lagardere SA

21/11/2023 11:24

PARIS, Nov 21 (Reuters) - French publishing group
Lagardere  LAGA.PA  will retain its stock market listing after
being taken over by media conglomerate Vivendi  VIV.PA , Vivendi
supervisory board Chairman Yannick Bollore told French daily Le
Figaro.
    "We want Lagardere to remain listed: the aim is to maximise
value for all parties, including investors," he said. "Lagardere
will remain an independent and autonomous unit."
    Vivendi has overcome multiple legal hurdles in its bid to
acquire Lagardere, including securing EU antitrust approval by
selling publishing unit Editis to Daniel Kretinsky's
International Media Invest, and its stake in lifestyle magazine
Gala to Prisma Media. Both transactions have now closed.
    However, EU antitrust regulators in July opened an
investigation into whether Vivendi infringed merger rules during
its acquisition of Lagardere with a hefty fine likely for any
breach.
    "We complied with European rules and we are confident and of
good faith," Bollore said, adding that Vivendi had not
provisioned for a possible fine, which could be as high as 10%
of turnover.
        
     
    

 (Reporting by Dominique Vidalon, Blandine Henault; Editing by
Kirsten Donovan)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))