Arnaud Lagardère won, this Tuesday, his legal battle against the activist fund Amber Capital, the first shareholder of his group, of which all the resolutions tabled at the general meeting were rejected.
Arnaud Lagardère, who welcomed a “final” vote in favor of management and its strategy, retains a supervisory board favorable to current governance, according to a journalist present on the spot.
The management of Arnaud Lagardère involved
The 15 resolutions tabled by Amber, which claims 18% of the capital and 14% of the voting rights, were rejected by at least 57% of the votes, while the poll had a participation rate of 79.1%, significantly higher important than usual.
Over the past few months, the fund has continued to denounce Arnaud Lagardère's strategic choices and his management of the group. He wanted to replace almost all of the members of the supervisory board and was aiming for the non-renewal of his mandate as manager in March 2021. The resolutions tabled by management to ratify the recent cooptations of Nicolas Sarkozy and the former boss of the SNCF Guillaume Pepy on the supervisory board was more than 99% approved.
The perilous arrival of Vincent Bolloré in the capital
A source close to the file, the former head of state, a longtime friend of the CEO, was at work to assure Arnaud Lagardère of the support of the sovereign fund of Qatar, which holds 20% of the voting rights.
The major maneuvers to oppose Amber's project were also marked by the arrival in the capital of Vincent Bolloré, the strong man of Vivendi, who claimed the acquisition of more than 10% of the shares, nourishing rumors about an operation to negotiate support for Arnaud Lagardère in exchange for the abandonment of the status of the group limited by shares. "No project of this kind, even if it is exploratory, has never been neither submitted nor presented to the supervisory board," replied the secretary general and co-manager of the Pierre Leroy group, questioned by a shareholder.
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