Paris (AFP)

Landed in 2020 in the capital of a weakened Lagardère group, the Breton "pirate" Vincent Bolloré will not have waited long to deliver the blow: his takeover project by Vivendi could mark the end of an industrial empire in decline since the death of its founder.

"This is the epilogue of a sad journey of twenty years," media expert Philippe Bailly told AFP.

Since the sudden disappearance of Jean-Luc Lagardère in 2003, "his son Arnaud Lagardère methodically dismantled the group, the media part as well as the industrial part", he continues, apart from a "unique offensive bet, the sport, from which he had to come out "by assuming heavy losses.

At the beginning of 2020, the 60-year-old heir, who hardly touched his father's office - engineer Matra who became notably captain of the aeronautical industry and press boss - is cornered by the first economic consequences of the Covid pandemic- 19 and a heavy personal debt.

He is also roughed up by an activist fund, Amber Capital.

On the advice of Nicolas Sarkozy, Arnaud Lagardère then welcomes Vincent Bolloré, who takes a cheap stake in the group's capital via Vivendi, and allows him to pass the course of a crucial general meeting.

A few weeks later, another white knight appears in the person of Bernard Arnault, boss of LVMH.

- War of attrition -

"My friendship with Jean-Luc Lagardère has linked our families", says the emperor of luxury, while Arnaud Lagardère predicts "a lasting and fruitful collaboration".

Arnaud Lagardere during a general meeting of the Lagardère group, May 10, 2019 ERIC PIERMONT AFP / Archives

But this pact supposed to limit the influence of Vincent Bolloré triggers the fury of the latter.

A war of attrition follows between Arnaud Lagardère and Bernard Arnault on one side, and on the other Vincent Bolloré with Amber Capital, already allied in a raid against Gameloft (video games).

Arnaud Lagardère appears for a long time indecisive due to the atypical status of the group in limited partnership with shares.

But he finally gave in in April and transformed his group into a public limited company, obtaining in the process "compensation" in shares for the loss of his absolute power and the promise to remain CEO for 6 years.

"My professional life will evolve, I will spend more time with shareholders on the one hand, and I will be more involved in the micromanagement of activities on the other hand," he told Le Figaro.

"At Vivendi, they slapped each other on the thighs," reports a connoisseur of the sector.

"Arnaud Lagardère has managed to get angry with everyone. (...) He will not be there until 2026", predicts one of the shareholders.

- Boosting -

From the summer, the "pirate" Vincent Bolloré (to use an expression by François Hollande), who has risen to 27% of the shares, forges links between his very right-wing news channel CNews and radio Europe 1, the darling of Jean-Luc Lagardère, from whom he scares many journalists.

The Breton capitalist reputed to be interventionist is also at the origin of the departure of Arnaud Nourry, the appreciated boss of Hachette who fears a dismantling.

Proud or blind, Arnaud Lagardère "rejoices" on Wednesday when Vivendi buys Amber's share and announces a takeover bid by December 15, 2022 on the balance of the shares.

To complete its audiovisual collection with Europe 1, RFM and Virgin Radio, Vivendi must nevertheless obtain the agreement of the CSA, guarantor of media pluralism.

During the rally of employees of Europe 1 denouncing the "growing influence" of Vincent Bolloré, June 30, 2021 in front of the headquarters of the radio in Paris Alain JOCARD AFP

The consent of the competition authorities will also be necessary to make Hachette swallow Editis - disposals could be necessary - or even to find a point of contact with the distribution branch in stations and airports.

No problem on the other hand for the JDD and Paris Match which could quite join the magazines Prisma Media in a "logic of advertising marketing", according to Philippe Bailly.

"We have integrated for a few months the fact of having Bolloré as boss, but it is an anguish not to know what awaits us", told AFP a journalist of the weekly who insists on remaining anonymous.

"We are in the same building as Europe 1 (...), the + bollorisation + is cold in the back", he continues.

As always, the details and the future of Arnaud Lagardère remain.

With a "fairly limited" premium of 24% on the share price, Vincent Bolloré can hope to count on the participation of Arnault group (10%) and most of the free float (22%), according to an analyst note from 'Oddo BHF.

If Arnaud Lagardère wishes to defend himself and obtains the support of the Qatar sovereign wealth fund, also a shareholder, he could count on 31.6% of the voting rights, just under the blocking minority of a third required since the transformation of the group to reach the articles of association and the mandate of the CEO.

But any resistance now seems difficult.

© 2021 AFP