April 15, 2019 / 6:11 PM / in 2 months

Vivendi AGM backs plans for possible share buyback

Cyrille Bollore, CEO and Vice-Chairman Managing Director of the of the Bollore Group attends the shareholders meeting of the media group Vivendi in Paris, France, April 15, 2019. REUTERS/Benoit Tessier

PARIS (Reuters) - Shareholders at Vivendi’s annual general meeting on Monday backed plans by the French media conglomerate for a possible share buyback that could give billionaire Vincent Bollore’s holding company greater control of Vivendi.

The Vivendi AGM also formally approved on Monday Vincent Bollore’s replacement on the board of Vivendi by his son Cyrille.

Bollore’s family holding company - Groupe Bollore - owns around 26 percent of Vivendi’s share capital and 28.5 percent of Vivendi’s voting rights.

Reporting by Gwenaelle Barzic and Sudip Kar-Gupta; Editing by Leigh Thomas

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