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Bollore tells EU he will control Vivendi after shareholder meeting
April 6, 2017 / 1:05 PM / 8 months ago

Bollore tells EU he will control Vivendi after shareholder meeting

PARIS, April 6 (Reuters) - French tycoon Vincent Bollore, Vivendi’s number one shareholder and chairman, has told the European Commission that he will get “sole control” of the media giant following its shareholders meeting scheduled on April 25.

The notification means that the billionaire, who has built up a 20.65 percent stake in Vivendi in five years, is in place to get a majority position at the group’s shareholder meetings.

Bollore’s stake in Vivendi will give him 29 percent of the group’s voting rights.

Bollore has tightened his grip on Vivendi’s supervisory board since taking its helm in 2014 by appointing his son Yannick, chief executive of advertising group Havas, and by cutting the number of independent members.

The European Commission has until April 24 to give its go-ahead to the situation.

The Bollore Group holding company and Vivendi declined to comment. (Reporting by Mathieu Rosemain and Gwenaelle Barzic in Paris, Additional reporting by Foo Yun Chee in Brussels; Editing by Sudip Kar-Gupta)

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