Arnaud Lagardère, head of Vivendi-owned French publishing and travel retail giant Lagardère Group, has been forced to resign as CEO of the company following his indictment related to accusations of embezzlement.
“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardère and not involving any Lagardère group companies,” the company said in a statement on Tuesday.
“In the context of his indictment, Arnaud Lagardère has been provisionally banned from holding executive office, a measure which he is contesting and against which he intends to appeal, but which nevertheless will oblige him to resign his executive offices within the group, despite the appeal,” it added.
News of the forced resignation followed reports on Monday that Lagardère had been questioned by a Paris judge in relation to accusations of embezzlement.
The Lagardère Group, which was founded by Lagardère’s father Jean-Luc Lagardère in 1992, is home to publishing...
“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardère and not involving any Lagardère group companies,” the company said in a statement on Tuesday.
“In the context of his indictment, Arnaud Lagardère has been provisionally banned from holding executive office, a measure which he is contesting and against which he intends to appeal, but which nevertheless will oblige him to resign his executive offices within the group, despite the appeal,” it added.
News of the forced resignation followed reports on Monday that Lagardère had been questioned by a Paris judge in relation to accusations of embezzlement.
The Lagardère Group, which was founded by Lagardère’s father Jean-Luc Lagardère in 1992, is home to publishing...
- 4/30/2024
- by Melanie Goodfellow
- Deadline Film + TV
The European Commission has opened a formal investigation for possibly jumping the gun in Vivendi’s pending acquisition of Lagardère, the French media, publishing and travel retail conglomerate.
Vivendi, which is owned by conservative billionaire Vincent Bolloré and is the parent company of pay TV giant Canal+ Group, has a 57.35% stake in Lagardere. The Paris-headquartered company launched an Opa to acquire the remaining stake in Lagardere in 2022. After raising anti-trust concerns, the European Commission eventually gave its support for the acquisition of Lagardere on June 9 on the condition that Vivendi sells its publishing group Editis, as well as its stake in Gala magazine. Vivendi said both deals will be completed by October.
The launch of the E.C. investigation follows the shocking appointment of a new editor-in-chief Geoffroy Lejeune, well known for his far-right views, at Le Journal du Dimanche, a popular mainstream weekly newspaper owned by Lagardere Group. Although...
Vivendi, which is owned by conservative billionaire Vincent Bolloré and is the parent company of pay TV giant Canal+ Group, has a 57.35% stake in Lagardere. The Paris-headquartered company launched an Opa to acquire the remaining stake in Lagardere in 2022. After raising anti-trust concerns, the European Commission eventually gave its support for the acquisition of Lagardere on June 9 on the condition that Vivendi sells its publishing group Editis, as well as its stake in Gala magazine. Vivendi said both deals will be completed by October.
The launch of the E.C. investigation follows the shocking appointment of a new editor-in-chief Geoffroy Lejeune, well known for his far-right views, at Le Journal du Dimanche, a popular mainstream weekly newspaper owned by Lagardere Group. Although...
- 7/25/2023
- by Elsa Keslassy
- Variety Film + TV
Updated with Vivendi response. French lawmakers are proposing new legislation aimed at protecting media independence amid growing concerns over big business interference and politicization in the sector in France.
The cross-party initiative has been prompted by an ongoing strike at Sunday newspaper Le Journal du Dimanche, or Jdd, in protest at a move to install far-right journalist Geoffroy Lejeune as editor, by parent the Lagardère Group, which is currently in the process of being acquired by Vivendi.
The Jdd journalists have rejected Lejeune’s appointment saying his values are out of whack with those of the newspaper. They are also calling for a guarantee of editorial independence.
The industrial action meant the newspaper did not publish for a fifth consecutive week on Sunday (July 24), the longest period it has been absent from newspaper racks in its 75-history.
Lejeune was previously editor of the far-right magazine Valeurs Actuelles and supporter of...
The cross-party initiative has been prompted by an ongoing strike at Sunday newspaper Le Journal du Dimanche, or Jdd, in protest at a move to install far-right journalist Geoffroy Lejeune as editor, by parent the Lagardère Group, which is currently in the process of being acquired by Vivendi.
The Jdd journalists have rejected Lejeune’s appointment saying his values are out of whack with those of the newspaper. They are also calling for a guarantee of editorial independence.
The industrial action meant the newspaper did not publish for a fifth consecutive week on Sunday (July 24), the longest period it has been absent from newspaper racks in its 75-history.
Lejeune was previously editor of the far-right magazine Valeurs Actuelles and supporter of...
- 7/24/2023
- by Melanie Goodfellow
- Deadline Film + TV
The European Commission has given the greenlight for French conglom Vivendi’s acquisition of the Lagardère Group.
The acquisition will make the Paris-based group one of the biggest media and entertainment groups in Europe, on a par with Germany giant Bertelsmann.
Key Lagardère assets include the Hachette publishing group, prestigious weekly magazine Paris Match, the radio station Europe 1 and newspaper kiosk chain Relay.
The approval is contingent on the conglom honoring commitments to sell 100% of its share capital in French publishing house Editis as well as the full sale of celebrity magazine Gala, which currently published under the umbrella of Vivendi’s Prisma Group.
In its press release, Vivendi recalled it had entered into a put option agreement for Editis with Czech mogul Daniel Kretinsky’s International Media Invest on April 23 2023, and noted there was strong interest in Gala too.
Vivendi said it was confident that it would be...
The acquisition will make the Paris-based group one of the biggest media and entertainment groups in Europe, on a par with Germany giant Bertelsmann.
Key Lagardère assets include the Hachette publishing group, prestigious weekly magazine Paris Match, the radio station Europe 1 and newspaper kiosk chain Relay.
The approval is contingent on the conglom honoring commitments to sell 100% of its share capital in French publishing house Editis as well as the full sale of celebrity magazine Gala, which currently published under the umbrella of Vivendi’s Prisma Group.
In its press release, Vivendi recalled it had entered into a put option agreement for Editis with Czech mogul Daniel Kretinsky’s International Media Invest on April 23 2023, and noted there was strong interest in Gala too.
Vivendi said it was confident that it would be...
- 6/11/2023
- by Melanie Goodfellow
- Deadline Film + TV
Vivendi is on track to own a 57.35-percent stake in Lagardère, the French media, publishing and travel retail conglomerate, following a public tender offer which took place May 27 to June 9.
If approved by the anti-trust board, Vivendi will also own 47.33 of the voting rights of Lagardère. As part of the IPO, which Vivendi described as “friendly,” an additional 20,245,979 shares have been presented, bringing their number to 31,184,281 shares for the totality of the tender offer. The holders of these shares will receive an equal number of transfer rights at a price of €24.10 until Dec. 15.
Vivendi previously owned 45.1 of the Lagardère capital through its acquisition of a 17.5 stake from Amber Capital during the fourth quarter of 2021. The deal placed Vivendi above the 30 share capital and voting right threshold in Lagardere, allowing the company to make a takeover bid. Vivendi began investing in Lagardere with a 10.6 stake in April 2020, when the company’s president Arnaud Lagardère,...
If approved by the anti-trust board, Vivendi will also own 47.33 of the voting rights of Lagardère. As part of the IPO, which Vivendi described as “friendly,” an additional 20,245,979 shares have been presented, bringing their number to 31,184,281 shares for the totality of the tender offer. The holders of these shares will receive an equal number of transfer rights at a price of €24.10 until Dec. 15.
Vivendi previously owned 45.1 of the Lagardère capital through its acquisition of a 17.5 stake from Amber Capital during the fourth quarter of 2021. The deal placed Vivendi above the 30 share capital and voting right threshold in Lagardere, allowing the company to make a takeover bid. Vivendi began investing in Lagardere with a 10.6 stake in April 2020, when the company’s president Arnaud Lagardère,...
- 6/14/2022
- by Elsa Keslassy
- Variety Film + TV
Vivendi, the parent company of Canal Plus Group, is set to acquire a 17.5% stake in Lagardere, the French media, publishing and travel retail conglomerate, from Amber Capital in the next few days.
Vivendi will own 45.1% of the Lagardère capital following the acquisition of 24,685,108 shares at a price of €24.10 ($27.27) per share. The company said the transaction will not imply any cash transfers from either party since Amber Capital will keep the funds received as cash collateral from Vivendi.
If approved by regulatory authorities, the transaction will place Vivendi above the 30% share capital and voting right threshold in Lagardere. As such, Vivendi said it will make a takeover bid at the same price, €24.10 per share, for the remaining stake in Lagardère on Feb. 2022. Other shareholders in Lagardere include Arnaud Lagardere, as well as Qatar Holding and Financière Agache, the holding of Lvmh president Bernard Arnault.
Following the deal, Vivendi will own 36.1% of...
Vivendi will own 45.1% of the Lagardère capital following the acquisition of 24,685,108 shares at a price of €24.10 ($27.27) per share. The company said the transaction will not imply any cash transfers from either party since Amber Capital will keep the funds received as cash collateral from Vivendi.
If approved by regulatory authorities, the transaction will place Vivendi above the 30% share capital and voting right threshold in Lagardere. As such, Vivendi said it will make a takeover bid at the same price, €24.10 per share, for the remaining stake in Lagardère on Feb. 2022. Other shareholders in Lagardere include Arnaud Lagardere, as well as Qatar Holding and Financière Agache, the holding of Lvmh president Bernard Arnault.
Following the deal, Vivendi will own 36.1% of...
- 12/9/2021
- by Elsa Keslassy
- Variety Film + TV
Vivendi, the parent company of Canal Plus and Universal Music Group (Umg), is planning to acquire an additional 17.93% stake in Lagardere, the French media, publishing and travel retail conglomerate, from its leading shareholder Amber Capital.
The move comes as Vivendi is getting ready to list Umg, its biggest money-making asset and the world’s largest music company, at the Amsterdam stock exchange on Sept. 21.
Vivendi first entered into Lagardere’s capital with a 10.6% stake in April 2020, when the company’s president Arnaud Lagardère, who inherited the illustrious banner from his father, Jean-Luc Lagardère, clashed with Amber Capital and was threatened to be pushed aside.
With Amber Capital’s stake, Vivendi will own 45.1% of Lagardere’s share capital and 36.1% of the voting rights. Amber Capital has accepted Vivendi’s offer to pay €24.10 ($28.3) per share for its 25,305,448 shares.
If approved by regulatory authorities, the transaction would place Vivendi above the 30% share capital...
The move comes as Vivendi is getting ready to list Umg, its biggest money-making asset and the world’s largest music company, at the Amsterdam stock exchange on Sept. 21.
Vivendi first entered into Lagardere’s capital with a 10.6% stake in April 2020, when the company’s president Arnaud Lagardère, who inherited the illustrious banner from his father, Jean-Luc Lagardère, clashed with Amber Capital and was threatened to be pushed aside.
With Amber Capital’s stake, Vivendi will own 45.1% of Lagardere’s share capital and 36.1% of the voting rights. Amber Capital has accepted Vivendi’s offer to pay €24.10 ($28.3) per share for its 25,305,448 shares.
If approved by regulatory authorities, the transaction would place Vivendi above the 30% share capital...
- 9/16/2021
- by Elsa Keslassy
- Variety Film + TV
Vivendi, the parent company of Canal Plus Group and Universal Music Group, has acquired a 10.6% stake in Lagardere, the troubled French media conglomerate helmed by Arnaud Lagardère.
“This acquisition is a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group, which enjoys international leadership positions in its businesses, and which, like many
others, is experiencing difficult times at the moment,” said Vivendi in a release.
Vivendi is also stepping in at a crucial time for Arnaud Lagardere, who is seeking allies to take on the company’s leading shareholder Amber Capital. The business has a 16.42% stake in the producer-distributor and reportedly wants Lagardere out, amid alleged attempts to take control of the supervisory board. The next board meeting will take place on May 5.
Vivendi recently completed the sale of 10% of Universal Music Group (Umg) for an enterprise value of €30 billion ($32.5 billion) to a consortium led by Tencent.
“This acquisition is a long-term financial investment reflecting Vivendi’s confidence in the future prospects of the French group, which enjoys international leadership positions in its businesses, and which, like many
others, is experiencing difficult times at the moment,” said Vivendi in a release.
Vivendi is also stepping in at a crucial time for Arnaud Lagardere, who is seeking allies to take on the company’s leading shareholder Amber Capital. The business has a 16.42% stake in the producer-distributor and reportedly wants Lagardere out, amid alleged attempts to take control of the supervisory board. The next board meeting will take place on May 5.
Vivendi recently completed the sale of 10% of Universal Music Group (Umg) for an enterprise value of €30 billion ($32.5 billion) to a consortium led by Tencent.
- 4/21/2020
- by Elsa Keslassy
- Variety Film + TV
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