Vivendi collapses on the stock market by up to 7% after the sale of shares in Bolloré-Corriere.it
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Vincent Bollor’s Vivendi crashes on the stock market and drags down the Paris price list. The French company, Tim’s largest shareholder with 23.75%, arrived on the morning of May 23 to lose 6.8%, with a Cac 40 which marked -0.7%, the worst in Europe and the United Kingdom . The slip came after the sale by a company linked to Bollor of 1.5 million shares, news made public by the French Consob. The company, reports Radiocor Plusthe Compagnie de Cornouaille, which sold the shares for a share equal to 0.14% of the capital of Vivendi.
The consequences
According to an analyst, whose comment was reported by theHandle, this transaction indicates that the group is trying to stay below the 30% threshold and will not launch an acquisition in the coming weeks. Therefore, according to market operators, the hypothesis of a possible takeover bid by Bollor on Vivendi, of which the Breton financier is the reference shareholder, is losing weight.
The appointments in Tim
The collapse occurs while the Tim committee, after the investigation opened on May 22, is working on names for the board of directors, to replace the outgoing Arnaud de Puyfontaine, who stepped down as CEO of Vivendi last January. The name of Luciano Carta, former president of Leonardo, suggested by Vivendi, is expected to be in the shortlist of candidates, from which the board will then have to choose. On 22 May Pietro Labriola, CEO of Tim which is 9.81% owned by CDP, had urged dialogue between all shareholders, in the context of debt reduction, because it is in everyone’s interest to give Tim back the strategic and industrial opportunities he deserves. While the game of the single network remains open and with it the possibility of selling Tim’s network, which could reduce the debt.
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