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Activist hedge fund says will not seek to replace Vivendi board
April 3, 2015 / 1:07 PM / 3 years ago

Activist hedge fund says will not seek to replace Vivendi board

PARIS, April 3 (Reuters) - U.S. hedge fund P. Schoenfeld Asset Management said it would stop short of seeking to replace the board of Vivendi at an April 17 annual meeting, despite opposing the French media group’s stance on shareholder returns.

“We are not planning to try to put any new directors on the agenda,” Peter Schoenfeld said in an interview this week. “We have no plans in that respect at all.”

Schoenfeld and Vivendi have been publicly at odds since March 23, when the fund called for an increase to the company’s planned payout to shareholders from a 35 billion euro ($38 billion) cash pile amassed from the sale of four businesses since 2013. (Reporting by Gwenaelle Barzic and Leila Abboud; Editing by Laurence Frost)

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