By Andrea Figueras
Vivendi said its decision to break up and list its core businesses on the stock market would benefit all shareholders in the long run, even after a French court ordered a review of the matter.
The conglomerate steered by the family of French billionaire Vincent Bollore received shareholder approval in December to spin off its television business Canal+, its advertising and public relations business Havas and create a new company known as Louis Hachette Group to consolidate Vivendi's assets in publishing.
However, investment firm CIAM, which holds a 0.025% stake in Vivendi, opposed the plan, saying it would go against the interests of minority shareholders and harm Paris as a financial hub.
Vivendi on Tuesday said it took note of a ruling from the Paris Court of Appeal that effectively called for a review of the split, adding that more than 97.5% of votes at its shareholders' meeting were in favor of the plans.
Catherine Berjal, managing partner of CIAM, said the investment firm welcomed the ruling. "This decision by the Court of Appeal is a major victory for minority shareholders and recognition that the arguments we put forward were well-founded," she said.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
April 22, 2025 12:26 ET (16:26 GMT)
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