French conglomerate Bollore SE isn’t planning to take over Vivendi SE, according to the company’s Chief Executive Officer Cyrille Bollore.
(Bloomberg) — French conglomerate Bollore SE isn’t planning to take over Vivendi SE, according to the company’s Chief Executive Officer Cyrille Bollore.
Bollore, son of French billionaire Vincent Bollore, said during the family holding company’s annual general meeting Wednesday that recent sale of 18.6 million Vivendi shares for a total of €177 million ($191 million) is a sign that no buyout offer is planned.
Some hedge funds had been betting that Bollore would increase its stake in Vivendi to more than 30%, which under French market regulations would require the company to make an offer for the remaining shares. The share sale cut Bollore’s stake in Vivendi to 28%.
The company did not disclose when it sold most of the Vivendi shares, but a company controlled by Bollore sold 1.5 million of them on May 16, according to a filing Monday. Shares fell as much as 9.8% on the news Tuesday and were down about 2.3% at noon in Paris on Wednesday.
Regarding future investments, Bollore said that the family holding would remain prudent considering the uncertainties of the markets in 2023. “We are not going to invest in a company we don’t know yet,” he said.
Earlier this month, Bollore agreed to sell its logistics arm for an enterprise value of €5 billion ($5.5 billion).
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