Paris (AFP)

The Lagardère group, already jostled by its two first shareholders Vivendi and the Amber Capital fund, saw the arrival of the richest man in France Bernard Arnault on Thursday in its capital, a "support" who also took a quarter of the holding company of group.

The "partnership" finalized Thursday evening by a joint press release between the Arnault and Lagardère families, consists of the acquisition by Financière Agache (a financial instrument of Bernard Arnault) of 27% of the personal holding company of Arnaud Lagardère, which holds its stake in 7.26% in the group that bears his name.

To this investment of some 80 million euros is added a surprise, the acquisition of "direct participation" by Bernard Arnault of 5.5% of the capital of the Lagardère group, which amounts, at market price, to around one hundred. millions of euros.

"The realization of our investment in Lagardère Capital and Lagardère SCA solidifies our commitment alongside Arnaud Lagardère", commented Bernard Arnault, quoted in the press release.

His entourage told AFP that this acquisition of securities should continue depending on market conditions.

To seal the alliance, the boss of LVMH obtained one in four seats on the board of directors of Arjil Commanditée - Arco, a key company with the special status of the Lagardère group which allows its control to be locked by the heir to founder Jean-Luc Lagardère.

According to Arnaud Lagardère's entourage, these operations confirm the "lasting" commitment of Bernard Arnault, who will henceforth act "in concert" with Arnaud Lagardère, but do not modify the control of the group's head companies.

However, it is this argument that the main shareholders of Lagardère, the media giant Vivendi and the British fund Amber Capital took up on Thursday, who are asking for the organization of an exceptional general meeting.

"We are not asking for a favor, but the exercise of a right" recognized to shareholders, said Eric Laut, one of Vivendi's counsel, during a hearing before the Paris Commercial Court which will render its decision October 14.

- Qatar comes out of silence -

Media giant and British fund Amber Capital together hold just under 45% of Lagardère's capital and want to appoint four members to the supervisory board.

Their joint request, which had been refused at the end of August by Lagardère, was considered "legitimate" Tuesday evening by the Qatari sovereign fund, a long-time shareholder of the group (13% of the shares) in an exceptional press release.

For Amber and Vivendi, who present a disastrous record of the management of the publishing group (Hachette) and distribution in stations and airports (Relay), and insist on their losses in the first half due to the Covid-19 pandemic, Lagardère is "a society which suffers and which will continue to suffer greatly".

They are therefore contesting the anticipated renewal by the Supervisory Board, on August 17, of the managerial mandate of the general partner Arnaud Lagardère for four additional years.

To justify the urgency of organizing a GA before the one scheduled for May, Amber's lawyer, Diane Lamarche, has also advanced the argument that "as long as the mandate (of Arnaud Lagardère) is not expired (in March 2021), its early renewal may be called into question "by another supervisory board.

An argument immediately rejected by the defense of Lagardère as having "no legal basis".

It has never ceased to send the applicants back to back and in their own interests.

According to Lagardère's lawyer, Didier Malka, Amber would like to "replay the match" of the last GA which saw all its resolutions rejected, in particular by Vivendi.

The latter's turnaround, controlled by Vincent Bolloré, would for its part only have been caused because the Breton + raider + was "upset" by the unexpected arrival of the northerner Bernard Arnault, according to Me Malka.

jub / tq / dch

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