Paris’s Court of Appeal handed Vincent Bolloré a major legal victory on Wednesday, ruling that the French billionaire and his holding company Bolloré SE did not control Vivendi at the time of the media conglomerate’s 2024 overhaul. The decision removes, for now, the threat of a mandatory buyout offer analysts had estimated could cost between €6 billion and €9 billion.
The ruling is a significant win for Bolloré, whose influence over France’s media landscape has drawn mounting scrutiny in recent years through assets linked to CNews, Europe 1, the Journal du Dimanche and the Hachette publishing house. It also comes as Canal+, the pay-TV group spun off from Vivendi as part of the break-up, continues its international expansion, including the recent acquisition of South African broadcaster MultiChoice.
The dispute stems from Vivendi’s late-2024 shakeup, which split the conglomerate into four separately listed entities: Canal+ in media, Havas in communications/advertising, Louis Hachette Group in publishing, and a reduced Vivendi holding company. Canal+ listed on the London Stock Exchange as part of the split and has since added a secondary listing in Johannesburg.
CIAM, an activist minority investor that holds a 0.025% stake in Vivendi, argued that the restructuring allowed Bolloré to keep his stake just under France’s 30% mandatory-bid threshold, while still exercising effective control over Vivendi thanks to his personal stature and influence. Had the court agreed, Bolloré could have been forced to launch a mandatory offer for Vivendi’s remaining minority shares.
