French court says Bolloré does not control Vivendi, removing bid risk (updated)

Vivendi SE

08/07/2026 10:16

Updates with CIAM comments in paragraph 5

    July 8 (Reuters) - Paris's Court of Appeal ruled on Wednesday that Vincent Bolloré and Bolloré SE BOLL.PA do not exercise control over Vivendi SE, Vivendi VIV.PA said in a statement.
Shares in Vivendi fell as much as 12% after the ruling removed, for now, the prospect of a mandatory takeover offer by Bolloré, avoiding a bid analysts had estimated could cost between 6 billion and 9 billion euros ($10.3 billion).
Following the Cour de Cassation's November ruling, the court rejected the argument that Vincent Bolloré's personal influence as a high-profile figure should amount to control, since Vivendi's remaining shareholding is widely fragmented, narrowing the criteria for mandatory bids to voting rights exercised.
A previous appeals court had ordered Bolloré to launch a mandatory bid for Vivendi. France's top civil court quashed that ruling in November and sent the case back to Paris's Court of Appeal.
CIAM said it "deeply regretted" the ruling, arguing it weakened protections for minority shareholders and sent a troubling signal to European and international investors about governance standards in French listed companies.
The dispute stems from Vivendi's 2024 break-up. Minority investor CIAM argued the restructuring strengthened the Bolloré family's grip on the group despite Bolloré SE owning 29.9% of the shares, just below France's 30% threshold that triggers a mandatory takeover offer.
($1 = 0.8761 euros)

 (Reporting by Lucie Barbier and Leo Marchandon in Gdansk; Editing by Mark Potter and Matt Scuffham)
 ((Email: lucie.barbier@thomsonreuters.com))