Vivendi Increases Lagardere Stake to 21.19% -- Update

--Vivendi increased its stake in Lagardere to 21.19%, with 16.01% in voting rights

--Amber Capital also increased Lagardere stake to 19.93%, reaching 15.06% in voting rights

--Both Vivendi and Amber plan to call for the appointment of one or more new members of Lagardere's supervisory board

   By Mauro Orru 
 

Vivendi SA has increased its stake in Lagardere SCA to 21.19%, French market regulator AMF said in a statement on Wednesday.

The AMF said the French media company had 21.19% of Lagardere's share capital and 16.01% in voting rights as of July 10.

The announcement comes nearly three months after Vivendi bought a 10.6% stake in Lagardere, also a French media company, which Vivendi said was "experiencing difficult times."

Vivendi said at the time it had no plans to put forward nominations for Lagardere's supervisory board. However, the latest AMF statement cites Vivendi as saying it plans to request the appointment of one or more people as members of the supervisory board.

Meanwhile, the AMF said in a separate statement on Wednesday that activist investor Amber Capital--which has been ramping up its stake in Lagardere in the past few months--retained 19.93% of the company's share capital and 15.06% in voting rights as of July 10.

Amber also plans to call for the appointment of one or more new members of Lagardere's supervisory board, according to the AMF statement.

Amber has recently pushed for changes at Lagardere's annual general meeting, including an overhaul of its legal structure and the ousting of Mr. Lagardere as chief executive. However, shareholders rejected Amber's proposals.

Groupe Arnault also agreed in late May to buy a 25% stake in the Lagardere family holding.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

July 15, 2020 11:55 ET (15:55 GMT)

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