Rival French publishing company ups stake in Lagardère
In France, media company Vivendi has upped its stake in Hachette Livre parent company Lagardère to over 45% ownership, reports the Financial Times.
Vivendi, which owns French publisher Editis, has reached an agreement to purchase investment group Amber Capital’s 17.9% stake in the company, to add to its 29% holding. Vivendi has now passed the threshold which requires it to make a mandatory offer for the rest of the company, pending regulatory approval of the deal.
In April, Lagardère confirmed it would transfer the group into a joint stock company, a move which involved general and managing partner Arnaud Lagardère relinquishing full management control of the company.
Lagardère’s father set up the company in 1992 under a special status unique to France called commandite, which allows Lagardère a veto power on most company issues despite owning just a seven percent stake. The change, which was described as a ‘peace agreement’ to end all legal disputes between shareholders, left Lagardère vulnerable to takeover. Arnaud Lagardère owns 14% of the company.
Category: International news