As announced in December 2021 and confirmed before last weekend, the Vivendi group met on Monday, February 21, 2022 with its executive board and the latter validated the takeover bid (OPA) for the remaining shares. of Lagardere. The project was immediately sent to the Autorité des marchés financiers, called upon to rule on its compliance.
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In December, the acquisition of 17.5% of the Amber Capital fund in Lagardère increased Vivendi’s share (which owned 27%) to 45%: it forced it to launch a takeover bid without waiting for the green lights from the authorities. control of French and European competition. To further accelerate the operation, Vivendi raised its offer (initially set at €24.10 per share) to €25.50 for shareholders wishing to sell their stake ” immediately “in other words between April 14 and May 20.
Support from Arnaud Lagardère
This takeover bid, described as “friendly”, enjoys the support of Arnaud Lagardère. Friday, February 18, he recalled before the Senate commission of inquiry into the concentration of the media that he was doing “trust in friends of thirty years” like Vincent Bolloré, that he had had the guarantee that “pluralism will remain there”and “group integrity” would “kept as is”as “development strategy”.
The outcome of the operation nevertheless worries the media and publishing sectors. The operation should indeed lead to the merger of media such as Europe 1 and CNews, as well as the groups Hachette Livre (Larousse, Fayard, Grasset, Livre de poche, etc.) and Editis (Le Robert, Nathan, La Découverte, etc.), which are direct competitors in most publishing sectors (literature, schoolbooks, etc.).
A “tsunami” in publishing
Heard by the senators, Wednesday February 16, Antoine Gallimard estimates that a merger Hachette-Editis, which would concentrate 42% of the works of literature, 55% of the works in paperback and 68% of the school books, was « impossible »due to the “media power” from which Vivendi already benefits to give an echo to its publications.
“I don’t see how Brussels will be able to accept this project. They are very wise people, very attentive ”he hoped the same day on France Inter, evoking a « tsunami » for the sector and a risk of “ideological domination”.
Brussels, ultimate arbiter?
Antoine de Tarlé, a former manager and media specialist with a keen interest in publishing, also believes that Brussels will have the last word. “As soon as the takeover bid is completed, the European Commission’s competition authority will self-seize. She is very interested in this file and considers that it is a subject of sufficient importance to be dealt with by Brussels. »
At that time, Vincent Bolloré, who gave up retiring from business in mid-February as he had announced, will be summoned by the European Commission. “Either he will maintain his merger project between Hachette and Editis and this will involve long negotiations with the European authority, after which he will have to sell entire parts of the publishing sectorforesees Antoine de Tarlé. Either he will decide to sell Editis and keep Hachette, and in this case Brussels will analyze the profile of the Editis buyer. »
Query for media and distribution
The competition authorities should also take an interest in the merger of the distribution networks of Hachette and Editis, which would create “a major leader in the distribution market, with no effective competition” and would be “a danger for bookstores”alerted Françoise Nyssen, the boss of Actes Sud, in Release at the end of January.
→ DEBATE. What was the Commission of Inquiry into Media Concentration used for?
Competition issues should pose fewer problems in the media, according to Antoine de Tarlé. Indeed, Vivendi owns Canal+, CNews, Europe 1, Prisma, but no weekly news. And if he preferred to set his sights on Le Figaroas supposed by tenacious rumors denied by the Bolloré and Dassault families, he could have to offload the JDD and of Paris Match. Bernard Arnault could then be interested, at least, by the Sunday weekly which he could bring closer to the Parisian Sundayour expert still speculates…