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2w ago

AMF Orders Bolloré to Bid for Vivendi Shares; EU Sends Statement of Objections

Paris’s markets authority is reversing its earlier decision based on a court finding that Bolloré controlled Vivendi de facto.

La Commission européenne a accusé vendredi 18 juillet 2025 le groupe français Vivendi d’avoir enfreint les règles de l’UE en matière de concurrence en prenant trop tôt le contrôle du groupe Lagardère.
Le bâtiment de l'Autorité des marchés financiers (AMF), le 31 mai 2013 à Paris
FRANCE, Paris, 2024-03-13. Photography by Xose Bouzas / Hans Lucas. Hearing of the commission of inquiry into the allocation, content and control of authorizations for national digital terrestrial television services at the French National Assembly. Portrait of Vincent Bollore, advisor to the Chairman of Vivendi s Management Board, former Chairman of Vivendi s Supervisory Board and Chairman of the Supervisory Board of the Canal plus Group, at the start of the hearing. FRANCE, Paris, 2024-03-13. Photographie par Xose Bouzas / Hans Lucas. Audition de la commission d enquete sur l attribution, le contenu et le controle des autorisations de services de television a caractere national sur la television numerique terrestre a l Assemblee Nationale. Portrait de Vincent Bollore, conseiller du president du directoire de Vivendi, ancien president du conseil de surveillance de Vivendi et du conseil de surveillance du groupe Canal+, au debut de l audition. (Photo by Xose Bouzas / Hans Lucas via AFP)
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Overview

  • The AMF has instructed Vincent Bolloré and Bolloré SE to file a mandatory takeover offer for the 66.4% of Vivendi shares they do not already own within six months.
  • Regulators concluded that Bolloré’s 29.9% direct stake plus 3.7% of self-held shares exceed France’s 30% threshold for compulsory offers.
  • This reversal follows a Paris Court of Appeal ruling that Vivendi was de facto controlled by Bolloré after its late-2024 spin-off into four listed entities.
  • The European Commission has entered the formal antitrust phase by issuing Vivendi a statement of objections over its premature editorial influence on Lagardère.
  • Vivendi is contesting both the AMF’s takeover requirement and the EU allegations, and its share price has surged on expectations of a takeover premium and potential fines.