Vivendi has 'no regrets' about Lagardere deal (updated)
27/07/2023 19:22
(Recasts with comments from CEO in paragraphs 3,4 and 7)
By Dina Kartit
July 27 (Reuters) - Vivendi's VIV.PA CEO said he had
"no regrets" about the way the acquisition of publishing house
Lagardere LAGA.PA was carried out, a deal which required the
French media company to sell some businesses to address European
Commission competition concerns.
The European Commission gave a green light in June for the
Lagardere deal on the condition that Vivendi agreed to sell its
publishing group Editis, as well as its stake in Gala lifestyle
magazine.
"I have no regrets," said CEO Arnaud de Puyfontaine in a
call with reporters, when asked if he had regrets about the
planning of the transaction. He added that the series of
concessions were needed for Vivendi's next chapter.
"The rules of competition have imposed a certain number of
concessions on us... we have implemented them," the CEO said.
The EU antitrust watchdog on Tuesday opened an investigation
into whether Vivendi infringed merger rules during its
acquisition of Lagardere with a hefty fine likely for any
breach.
Vivendi has said it would cooperate with the investigation.
"We estimate that we have fully respected the applicable
rules in terms of concentration, and we commit to continue to
respect them until the full execution of the measures offered to
the European Commission for the rapprochement with Lagardere,"
de Puyfontaine said.
Vivendi posted half-year adjusted revenue of 4.70 billion
euros ($5.16 billion), up 3.2% year-on-year, while group
earnings before interest, taxes, depreciation, and amortization
(EBITDA) increased 7.7% from a year ago, to 444 million euros.
($1 = 0.9102 euros)
(Reporting by Dina Kartit, edited by David Evans and Jane
Merriman)
((Dina.Kartit@thomsonreuters.com;))