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PARIS, November 27, 2024--(BUSINESS WIRE)--Regulatory News:
Vivendi (Paris:VIV) acknowledges the interim injunction filed today by CIAM with the President of the Paris Commercial Court, with a hearing scheduled for December 4, 2024.
CIAM is seeking to postpone Vivendi's General Shareholders Meeting, scheduled for December 9, 2024, until rulings are issued on two other actions initiated by CIAM:
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A lawsuit on the merits, on an expeditive basis before the Paris Commercial Court, challenging the validity of the spin-off project;.
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An appeal before the Paris Court of Appeal against the AMF’s November 13, 2024, decision, which found that the Bolloré Group does not meet the conditions for triggering a mandatory buyout offer for Vivendi in connection with this spin-off project.
CIAM is basing its actions on its 0.025% stake in Vivendi’s share capital.
Vivendi observes that CIAM’s attempt to prevent its shareholders from expressing their views on December 9, 2024, follows the recommendations from two leading proxy advisory firms, ISS and Glass Lewis. These firms, widely followed by shareholders, have endorsed the approval of this project.
These recommendations, issued by internationally recognized and influential independent institutions, contradict CIAM’s campaign urging VIivendi shareholders to reject the spin-off project during the upcoming Shareholders’ Meeting.
Vivendi reiterates that the goal of the spin-off project is to create value for all shareholders by reducing the significant conglomerate discount that has weighed on its valuation for several years and to accelerate the development of its separated business.
Since announcing the feasibility study for this project on December 13, 2023, Vivendi has consistently communicated and engaged transparently with its shareholders and all stakeholders. The project, which fully complies with applicable regulations and has been extensively documented, has been reviewed by three stock market authorities – the French AMF, Dutch AFM, English FCA – as well as Euronext, the spin-off auditors, and the relevant employee representative bodies.
Vivendi believes it is essential to uphold shareholder democracy and reserves its right to seek financial compensation through the Courts handling CIAM’s actions.
About Vivendi
Vivendi is a global leader in content, media and communications. Canal+ Group is a major player in the creation and distribution of cinema and audiovisual content on all continents. With Lagardère, Vivendi is the world’s third-largest book publisher for the general public and educational markets, and a leading global player in travel retail. Havas is one of the largest global communications groups with a presence in more than 100 countries. Vivendi is also active in the magazine business (Prisma Media) and in video games (Gameloft). As a committed group, Vivendi contributes to building more open, inclusive, and responsible societies by supporting diverse and inventive creative works, promoting broader access to culture, education, and its industries, and increasing awareness of 21st century challenges and opportunities. In December 2023, Vivendi launched the study of a split project where Canal+ Group, Havas and Louis Hachette Group, the company grouping the assets in publishing and distribution, would become independent entities listed on the stock market. A Shareholders’ General Meeting to be held on December 9, 2024, will vote on the project. www.vivendi.com.