2023-11-21 17:51:06
Paris (AFP) – The series has had a few too many seasons, even for its authors. The takeover of the Lagardère house by the Bolloré family has finally reached its conclusion, unsurprisingly, placing Vivendi among the key players on the global entertainment scene.
The French media giant, owner of Canal+, numerous magazines and the Havas communications group, announced Tuesday the finalization of its merger with its rival Lagardère, in which it holds nearly 60% of the capital and in which it “can immediately present fully exercise a little more than 50% of the voting rights”, according to a press release.
“We didn’t think it would be this long,” whispered the bosses of the two groups, Yannick Bolloré and Arnaud Lagardère, in a cross-interview with Le Figaro, accompanied in the photo by the patriarch Vincent Bolloré, 71, who savors the happy ending one of the major operations of his career.
Because it brings Vivendi into a new dimension, despite concessions imposed by the European Commission, guardian of competition in Europe.
Sans Editis ni Gala
The group goes from 38,000 to “around 66,000 employees present on all continents”, and its turnover would increase, on a basis comparable to that of 2022, by 72% to 16.5 billion euros.
By comparison, the German giant Bertelsmann has 83,000 employees for 20 billion euros in revenue.
Vivendi also gets its hands on a profitable network of stores in train stations and airports (Relay brands, Duty Free stores) and in famous performance halls (Casino de Paris, Folies Bergère, etc.).
The first episode dates back three years and seven months, when Vincent Bolloré invited himself to the capital of Lagardère as a high-risk general meeting approached for its manager.
Many observers believe that the heir of Jean-Luc Lagardère, founder of a media and aeronautics empire, is risking a lot by putting his fate in the hands of a billionaire known for his shareholder raids.
Very indebted, Arnaud Lagardère has no choice and doubles down by also calling for help from the richest man in the world, Bernard Arnault.
After multiple adventures, the legal status of share sponsorship, which constituted the rampart of the Lagardère citadel, ended up falling. The group becomes operable and Vivendi, which had meanwhile eaten away at the capital, rushes to announce its offer.
The last obstacle on the road arises: the European Commission. She opposes the maximalist project imagined in the very opulent Villa Montmorency in Paris, the district where Vincent Bolloré and Arnaud Lagardère reside.
For Brussels, alerted by French booksellers, there is no question of bringing together Editis (publishing subsidiary of Vivendi) and Hachette Livre (jewel of Lagardère, the world’s third largest publisher). The first will be sold at a big discount to Czech billionaire Daniel Kretinsky.
Also prohibited from acquiring too much weight in the celebrity press by obtaining the magazine Paris Match: Vivendi will have to offload Gala to Le Figaro.
To mark the rapprochement between the two groups, Yannick Bolloré will soon join the chairman of the management board of Vivendi Arnaud de Puyfontaine on the board of directors of their new “independent and autonomous” subsidiary, whose “integrity” he undertakes to preserve. according to Le Figaro.
Brussels investigation
But the shadow of Vincent Bolloré, with his reputedly conservative opinions, has already shaken up the organization chart and the editorial line of the JDD.
The Sunday weekly marked a spectacular turn to the right during the summer following the appointment as head of journalist close to the far right Geoffroy Lejeune, despite the strike and then the departure of almost the entire editorial staff.
Lagardère’s general radio station Europe 1 has also launched partnerships with the very conservative news channel CNews (Canal+ group) and such “synergies” should multiply.
“This is not regarding preventing Hachette authors from selling the rights to adapt their books to production studios other than Canal+,” reassures Yannick Bolloré.
“We also want to keep Lagardère listed on the stock exchange: the challenge for us is to maximize the value for all stakeholders, including investors,” he added.
Even in the minority, Arnaud Lagardère wants to show that he retains a role. He will combine the functions of CEO of his group, CEO of Hachette Livre and manager of its radio stations (Europe 1 and the musical Europe 2 and RFM).
An epilogue is planned: on Monday, Vivendi proposed to extend by 18 months the deadline to acquire up to around 22% of the additional capital.
The group also remains threatened by an investigation by Brussels into a possible anticipated takeover of its target. An infringement which, if confirmed, would not call into question the acquisition, but might cost it up to 10% of its total turnover.
On the Paris Stock Exchange, Vivendi shares ended down 1.16% at 8.65 euros and that of Lagardère fell 2.14% to 18.77 euros.
© 2023 AFP
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