FRANCE. Media powerhouse Vivendi has built its stake in Lagardère Travel Retail parent Lagardère Group to 55.43%, following an initial tender offer for shares.
As reported, Vivendi announced plans last year to buy the stake in Lagardère owned by major shareholder Amber Capital, and then launched an offer for all remaining shares.
This move was recommended by the Lagardère board on 21 March. The board noted that the Vivendi takeover was “friendly and in line with the interests of the group and its stakeholders, in particular with regard to the intentions expressed by Vivendi SE to retain the group as a whole”.
As reported, Arnaud Lagardère will continue to serve as Chairman and Chief Executive Officer once the process is complete.
Vivendi now holds 78,228,398 Lagardère shares. The public offer will now be reopened in two branches from 27 May to 9 June. The final results of the offer and the level of participation achieved by Vivendi will be published on 14 June.
Pending authorisation of the takeover of the group by the competition authorities, Vivendi has said it will not exercise the voting rights attached to the shares acquired from Amber Capital and in the public offer, meaning that its shareholding will give it approximately 22.5% of voting rights.
As reported, Qatar Holdings has stated its intention to retain its 11.52% stake in Lagardère Group, following the public offer. Qatar Holding is an investment company founded in 2006 and wholly owned by the Qatar Investment Authority.
