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HD Vivendi vient à la rescousse d'Arnaud Lagardère

BY NICOLAS MADELAINE; LAURENCE BOISSEAU
WC 672 words
PD 22 April 2020
Vivendi comes to the rescue of Arnaud Lagardère
It was not through one of his personal holdings, but through Vivendi, of which Vincent Bolloré is the largest shareholder, that the Breton
businessman finally entered the capital of Lagardère. An operation presented as friendly, which should make it possible to support Arnaud
Lagardère, very attacked by the Amber fund.
The group that owns Canal+ and Universal Music announced on Tuesday evening that it had crossed the 10% threshold of the Lagardère
group, owner of a travel retail activity and also of the publishing giant Hachette, as well as various assets in the media, such as radio
Europe 1 or "Le Journal du Dimanche". "This is a long-term financial investment that demonstrates Vivendi's confidence in the prospects of
this French group, with strong international leadership positions in its main businesses and which, like many others, is going through a
difficult period” said the press release from the group, which took 10.6% of the capital.
While Joseph Oughourlian's fund has risen to 18% of the capital and holds 14% of Lagardère's voting rights, as its founder informed
"L'Agefi", the game looks tight for the general meeting of May 5, during which Amber wants to replace the entire Lagardère supervisory
board in order to change its governance and break the lock of the sponsorship which gives control of the group to Arnaud Lagardère.
Arnaud Lagardère now has strong support in addition to that already known from Marc Ladreit de Lacharrière (Fimalac), who himself would
have decided to remain below 5% of the capital.
Some explain this rise in capital by the bonds of friendship maintained between the two businessmen and the father of Arnaud Lagardère,
Jean-Luc Lagardère. While others can't help but speculate on the future and wonder how they can value this investment. The subject of
the purchase of the sponsorship against compensation from Arnaud Lagardère would be on the table, even if it could be once the storm of
the GM has passed. Such a takeover would drive up the price of Lagardère and therefore ensure added value for its white knights.
Vivendi and Fimalac may also be interested in Lagardère assets that could serve as currency of exchange: the nugget Hachette, Europe 1
and performance halls. Vincent Bolloré had already helped Fnac get their hands on Darty through a stake in Vivendi.
"Faced with the risk of creeping control or undeclared concerted action, Lagardère shareholders must more than ever mobilize for Patrick
Sayer's list," said Joseph Oughourlian on Tuesday evening, speaking of the candidates he put forward. Amber Capital has successfully
convinced proxy advisory firms to recommend that their clients, institutional investors, vote in favor of most of the fund's nominees for the
supervisory board.
Tuesday morning, the French Proxinvest advised to approve the resolutions on the 8 candidates of the activist fund. The American ISS
had recommended voting for only 5 of them. Proxinvest justified its decision by arguing that "a board that is too divided between two strictly
opposing camps can lead to inefficient decisions and a risk of paralysis of the functioning of the board [...] It therefore seems to us less
risky for the governance of the group of not to mix our support between old and new board members,” he said. Will these agencies be
listened to by shareholders? With its 4.77% voting rights (for 3.33% of the capital), Caisse des Dépôts will also find itself in the middle of
the fray during the Lagardère AG on May 5...

Press articles  Vivendi‐Lagardère  Page 1 of 18 

HD Arnaud Lagardère remporte son bras de fer face à Amber Capital
BY NICOLAS MADELAINE; LAURENCE BOISSEAU
WC 891 words
PD 6 May 2020

Arnaud Lagardère wins his showdown against Amber Capital

"Thank you, dear shareholders, [...] it's a final vote," welcomed Arnaud Lagardère at the end of the general meeting (GM) of his group on
Tuesday. The shareholders of his company have indeed chosen to reject Amber's candidates to renew the group's supervisory
board. They voted between 56% and 68% against the eight candidates of Joseph Oughourlian's fund (57% against Patrick Sayer, their
leader). Qatar (20% of the voting rights) notably leaned towards the management of the company.
Arnaud Lagardère, who opened his council to prominent personalities - Nicolas Sarkozy, ex-president of the Republic, and Guillaume
Pepy, ex-boss of the SNCF -, therefore managed to weather the storm, inflicting a new defeat (after the one of 2018) to Amber. Even if
Joseph Oughourlian's fund points out that "7 of its 15 resolutions received more than 42% of the votes”.
It remains to be seen what role will be played by Vincent Bolloré, the reference shareholder of Vivendi, which has acquired 10.6% of
Lagardère, which includes an international publishing company (Hachette), a travel retail and media activity (Europe 1, “Le Journal du
dimanche”, “Paris Match”). The Breton entrepreneur declared to the market authorities that this was "a long-term financial investment" but
did not rule out strengthening it, and speculation is now rife on his interest in the publishing branch of Lagardère as well as for its media.
According to certain sources, Vincent Bolloré would have actually come spontaneously to the capital of Lagardère. The latter denies
having discussed and promised anything to its two new large shareholders, Vivendi and Fimalac. However, this does not mean that
Vincent Bolloré entered the capital only in the hope of a capital gain on the stock, as he was able to achieve in the past at Vallourec, for
example.
It is indeed not impossible that, in the months or years to come, the new shareholders, like Amber, will also put pressure on Arnaud
Lagardère to modify certain practices, or even the governance, of the group he controls through a limited partnership structure. More than
once during his career as a businessman, Vincent Bolloré has proven - at Havas or Vivendi, for example - that he does not refrain from
gradually increasing the capital of a company. In this case, Amber could reap the rewards at least in part. An 18% shareholder of
Lagardère, it continues in any case to want “to be in all the major debates to come, in particular that which will relate to […] the
establishment of a new governance”.
The GM was, this year, heavy with meaning. The shareholders had to decide if they supported Arnaud Lagardère or if they took part in the
coup attempted by Amber Capital, which demanded that a new supervisory board be established. The GM was held behind closed doors
due to confinement.
Just before the vote, Arnaud Lagardère welcomed the "radical transformation" of his group, refocused on publishing and travel retail. He
also justified the exceptional dividends linked to the sale of the group's holdings in EADS and Canal+. And repeated his promises to lower
the costs of the holding company on top of operational activities.

Press articles  Vivendi‐Lagardère  Page 2 of 18 

 HD Vivendi s'arme en lançant Universal Music à l'assaut de la Bourse

BY NICOLAS MADELAINE

WC 728 words

PD 15 February 2021

Vivendi arms itself by launching Universal Music on the Stock Exchange

Vivendi announced on Saturday its intention to distribute 60% of the capital of its subsidiary Universal Music Group (UMG) to its
shareholders and to list it in Amsterdam. Even if it does not recover cash, Vivendi is ready to redeploy its capital elsewhere.
While talking for several years about the possibility of putting Universal Music Group (UMG) on the stock exchange, in particular to bring
out its value, Vincent Bolloré has decided to go ahead. Vivendi, the company he controls and which owns 80% of the world leader in the
sector, announced on Saturday that its shareholders will receive 60% of UMG shares "as a special dividend" and that the newly
independent company will be listed by the end of the year in Amsterdam, a financial place that is increasingly asserting itself as a major
post-Brexit European financial center.
A page is turned, therefore, for Vivendi, which has owned Universal Music since the acquisition of Seagram at the time of Jean-Marie
Messier. After the big rebound in the music sector, especially on the stock market, and after Softbank offered him only 6 billion to acquire it
in 2013, the time has undoubtedly come to monetize this asset. The transaction will give Vivendi financial leeway to redeploy its capital
elsewhere. The group is in the running for Europe 1 and perhaps on M6 with its RTL radio subsidiary. We also know Bollore is interested in
the publisher Hachette within Lagardère. It has also just taken a 12% stake in the South African pay-TV operator Multichoice. Even though
some analysts note that these activities have lower growth than music today…
Vivendi shareholders will in any case now own separate UMG shares exposed to a booming market since the rise of streaming, as well as
securities of a new Vivendi comprising the television group Canal+, the publisher Editis, the specialist in video game Gameloft and soon
magazine publisher Prisma.
Once listed, UMG will be 20% owned by both Vivendi, which said on Saturday to keep this balance, and by the Chinese Tencent, which
has just exercised its option to take over an additional 10% and double its participation. The Bolloré family holding company, instead of
being interested in UMG at around 22% - i.e. 27%, its weight in the capital of Vivendi, a company owned at 80% - will remain exposed at
16% to UMG, but this time directly. By adding 20% of Vivendi and 16% of Bolloré Group, Vincent Bolloré retains for the moment a blocking
minority within Universal Music.
For the markets, the quotation of Universal Music, at a time when the IPO of Warner Music keeps all its promises, is not a surprise. Vivendi
had hinted that the timetable was likely to be accelerated. However, some shareholders will be surprised that Vivendi does not take
advantage of the opportunity to recover cash with this IPO. Thanks to Universal Music, Vivendi is in any case close to its highest of at least
five years on the stock market.
Universal Music represents a little less than half of Vivendi's revenues and approximately 70% of its current operating income (2019 and
first-half 2020 figures). Before the year 2020, which penalized the physical sales of CDs, he was also by far the engine of the group's
growth.
In the Bolloré camp, it is estimated that other assets outside of music are unfairly undervalued. Vivendi’s market cap was 31 billion euros
last Friday on the Paris Stock Exchange while its 80% in UMG after the sale to Tencent alone is worth 24 billion. While some investors will
no doubt buy Vivendi shares on Monday to invest in the future listed UMG, we will quickly know how the market assesses the group's other
activities.

Press articles  Vivendi‐Lagardère  Page 3 of 18 

 HD En lourde perte, Lagardère limite les dégâts grâce à l'édition

BY NICOLAS MADELAINE

WC 671 words

PD 26 February 2021

Facing heavy losses, Lagardère limits the damage thanks to the edition
If 2019 was a “travel retail” year for Lagardère, 2020 is undeniably a “publishing year”. The Hachette Livre branch is helping the group save
the damage while the health crisis and the paralysis of the economy - and of all forms of tourism - are heavily affecting its trading activity in
transport locations. While the group's turnover fell by 38%, to 4.4 billion euros, and the group went into bright red - a net loss of 660 million
euros, against 15 million in 2019 -, the “travel retail” activity fell by 60%, to 1.7 billion euros in revenue, while Lagardère Publishing
stabilized its revenues at 2.4 billion.
The turnover of the News division (Europe 1, "Paris-Match", "JDD", etc.) is down 14%, in particular due to the fall in turnover from licenses
(- 27%). The drop in radio turnover is 9% and that of the press 12% thanks to a better second half. The operating losses of these “other
activities” are 47 million.
At the end of the second half, however, the picture was less bleak than on June 30, the group having “burned” 500 million euros in cash
during the first six months of the year. Lagardère managed to generate 63 million in operating profits over the second half of the year,
"marking a strong improvement of 281 million euros compared to the first half", affirms the group, which highlights "both cost reduction
efforts undertaken at the start of the health crisis and the profitability of Lagardère Publishing”. Thanks to positive cash flow generation in
the second half, net debt fell by 315 million compared to June 30, to 1.7 billion.
The deterioration of this indicator was revealed last year when Vivendi increased its capital, which has since joined forces with the Amber
fund and wants to change the governance of Lagardère at the next meeting. Lagardère now believes that “its liquidity is sufficient to cover
its needs and deadlines”. It has set up a loan of 465 million guaranteed up to 80% by the State (PGE).
For the year 2021, Lagardère estimates that “the environment remains uncertain in a context of gradual easing of the Covid-19
pandemic”. As a result, he “continues his efforts to control costs across the entire group”.
In publishing, “the favorable mix effect in 2020, driven by sales of digital media, should fade and thus slightly affect profitability in 2021”. In
the trade of places in stations and airports, Lagardère notes that "the forecasts of the various organizations, including Iata, are at February
3, 2021 between + 13% and + 50% growth in world air passenger traffic in 2021". But the group will continue to save money.
Finally, the group does not mention a resumption of the dividend, suspended at the height of last year's confinement. No decision has also
been taken on the governance and scope of the group, said Thursday evening, Arnaud Lagardère, who also set the condition that relations
between shareholders be "peaceful".

Press articles  Vivendi‐Lagardère  Page 4 of 18 

 HD Arnaud Lagardère acte la fin du contrôle de son groupe

BY NICOLAS MADELAINE

WC 655 words

PD 29 April 2021

Arnaud Lagardère announces the end of the control of his group

The end of the limited partnership governance structure must be validated by the general meeting on June 30. Arnaud Lagardère will be
appointed CEO for six years, but Vivendi becomes the group's largest shareholder.
After final adjustments in recent days, the Lagardère group officially announced on Wednesday that it was going to be transformed into a
public limited company. Arnaud Lagardère, its manager, put an end to the famous limited partnership governance structure which gave him
all the powers despite a capital participation limited to 7%. Once these new bylaws have been approved by a general meeting (GM) on
June 30, the group's management will have to report its decisions to all its shareholders, foremost among whom is Vivendi, holder of 28%
of the shares before dilution of the shares created for pay Arnaud Lagardère in exchange for giving up his sponsorship.

The last step to be taken is to obtain the green light from the Financial Markets Authority (AMF) to proceed with this normalization of the
group's structures without having to launch a takeover bid. "There is and will not be [...] a shareholders' agreement or any common policy
vis-à-vis the company and none of them will control it after the transformation", says the press release. Vivendi is the leading shareholder,
followed by Amber (20%), the fund that has been campaigning for this change of governance since 2017, Qatar (13%), Financière Agache
(which controls LVMH) at 7% and Arnaud Lagardère who will double his stake.
The disputes between Amber and the Lagardère group have been dropped. According to our information, the accusation of insider trading
against Amber filed by Lagardère in the fall of 2018 has been dismissed. According to a source familiar with the matter, the return on
investment for Amber on Lagardère is positive.

Press articles  Vivendi‐Lagardère  Page 5 of 18 

Arnaud Lagardère will be appointed CEO, “for the duration of his six-year term as director” and Pierre Leroy, now co-manager
of Lagardère SCA, will become deputy CEO. They may be revoked by a two-thirds majority of the board. While the supervisory board in
the partnership was acquired by Arnaud Lagardère and his men, he will now have to answer for his decisions to his shareholders.
The abandonment of the sponsorship is remunerated by 10 million new shares, or 7.62% of the capital, which correspond to approximately
230 million euros. Part of the shares will go to Financière Agache, which has entered a 27% stake in the capital of Arnaud Lagardère's
personal holding company to support him against Vivendi. The new board of directors would be made up of eleven members: two directors
representing employees and nine members validated by the AGM - three proposed by Arnaud Lagardère, three by Vivendi, one by Qatar
Holding LLC, one by Amber Capital and one by Financière Agache.
Lagardère emphasizes that the integrity of the group is "reaffirmed" but does not commit to a duration - which would have been contrary to
the law, according to Colette Neuville, of ADAM, because it would have suggested that there was action together with the shareholders.
Vivendi has made no secret of the fact that he was mainly in pursuit of Lagardère, publishing and Europe 1, but the fate of other assets
also remains to be settled, in particular “JDD” and “Paris Match”. Sales of activities will be supervised. Any material divestiture will require
a three-fifths majority of the board.

Press articles  Vivendi‐Lagardère  Page 6 of 18 

 HD Les actionnaires de Vivendi approuvent la scission d'Universal Music

BY LES ECHOS

WC 715 words

PD 22 June 2021

Vivendi shareholders approve Universal Music split

At a general meeting, the shareholders of the French media giant gave the green light to the distribution of 60% of Universal Music Group,
in particular in the form of an exceptional dividend in kind. It will be followed by an IPO of the major in Amsterdam on September 21.
Vivendi shareholders have turned the page on Universal Music Group (UMG). At a general meeting on Tuesday, they largely approved its
split, allowing Vivendi to refocus on media, publishing and advertising. Presented last May, the project consists of distributing to
shareholders - and in particular to the Bolloré group, which controls Vivendi with 27% of the shares - the equivalent of 19.8 billion euros in
the form of UMG shares, via a dividend in kind and an interim dividend.
The operation will be followed on September 21 by a listing of UMG on the Amsterdam Stock Exchange. Until then, it must still obtain an
agreement from the Dutch authorities, and obtain the decision of the management board to pay an advance payment based on the results
recorded in the first half of 2021. If the operation is carried out, each shareholder should receive one UMG share for each Vivendi share
held. The general meeting also approved the payment of an ordinary dividend of 60 centimes per share (about 650 million euros in total),
similar to that of the previous year.
At the head of a catalog ranging from the Beatles to Rihanna, via Taylor Swift or Lady Gaga, the Universal major based in Santa Monica,
California, is the jewel of the Vivendi empire, which also owns the Canal + groups, Havas, Editis, Gameloft, and now Prisma Media. Its
valuation reached 35 billion euros when Vivendi announced an agreement with American financier Bill Ackman to sell it 10% of UMG's
shares, after 20% had already been sold to a consortium led by the Chinese technology champion. Tencent.
In the long term, Vivendi will retain only 10% of its major, of which approximately 18% will be held by the Bolloré group. The complex
project had raised some concerns, in particular because of a lack of clarity on Vivendi's use of the cash generated by all these
operations. "The use of the proceeds of the sale (of 10% of UMG to Bill Ackman) and the final capital structure of the company remain
uncertain", had estimated in a note Agustin Alberti, the principal analyst of the group at Moody's.
Vivendi, in which nearly 8% of its capital is treasury, also obtained by a vote of 73% of its shareholders the authorization to buy back up to
half of its own shares, a very high limit which can be interpreted as a means for the Bolloré group to strengthen its control if these titles
were to be cancelled. According to a source close to Vivendi, this resolution aims rather to "have the means to defend itself in the event of
a hostile operation". "In any case, this authorization would not be implemented before the payment of the exceptional distribution",
indicated the group in a written response to questions from its shareholders.
“The buyback of 50% of the capital could therefore relate to an amount of around 6 billion euros post-distribution”, lower than the share
buyback authorizations obtained in previous years, he added. To reassure the market, the Bolloré group also undertook in a letter not to
request an exemption from the obligation to file a public offer if it crossed the threshold of 30% of the capital via cancellations of securities.
With recently acquired stakes in the video-on-demand service Multichoice, the Spanish press group Prisa, and a 29% stake in the French
group Lagardère, which owns Hachette, Paris Match, the JDD, and Europe 1, Vivendi is about to refocus on media, advertising and
publishing.

Press articles  Vivendi‐Lagardère  Page 7 of 18 

 HD Lagardère ouvre une nouvelle page de son histoire

BY NICOLAS MADELAINE

WC 751 words

PD 1 July 2021

Lagardère opens a new page in its history

The shareholders of Lagardère affixed, on Wednesday, the last seal to the transformation into a public limited company. Arnaud
Lagardère, even if he is appointed CEO, in theory "for the duration of his six-year mandate as director", will therefore lose the absolute
power conferred on him by the previous structure of the limited partnership group. Now it will have to answer for its decisions to
shareholders: Vivendi (27% of the capital and 22% of the voting rights), Amber (19% and 15%) and Qatar (12% and 18%).
Lagardère Capital (Arnaud Lagardère's personal holding company) owns 14% of the capital and 16% of the voting rights. And Financière
Agache, also a shareholder of Lagardère Capital, also directly owns 7% of the capital (6% of the voting rights). The shareholders of
Lagardère Capital should however recover shares of the group to compensate them for the end of the sponsorship.
Financière Agache, which controls LVMH (which owns the Les Echos-Le Parisien group), which came to support the heir shortly after the
2020 general meeting, should also recover a little more than a quarter of the shares created and rise to the above 10%. This option can be
exercised from September.
For investors, and in particular minority shareholders with floating capital of just over 20%, a new page is opening under the high
patronage of Vivendi, the leading shareholder and above all the most active from the point of operational view since it is present in two of
Lagardère's businesses.
With a market capitalization of 2.7 billion euros and a low float, Lagardère is struggling to attract major international investors. But one of its
stock market engines could first be the operating savings required by a board of directors potentially more demanding than the former
Supervisory Board.
Arnaud Lagardère notably announced that he wanted to halve, to around 35 million euros, the costs of the holding company, attacked in
the past by the Amber fund at the origin of the push for the change in status of Lagardère.
Travel retail is also still very affected by the health crisis. An investor could bet on a rebound and invest at the bottom of the cycle,
especially since the group wants to keep the 100 million in savings made to deal with the crisis, explains Julien Roch, analyst at Barclays.
In an interview with "Le Monde" this week, Arnaud Lagardère explains that the market capitalization of the group he leads can roughly
double. This remains to be proven, according to analysts. “The rebound in 'travel retail' is already partly factored into prices and publishing
is an activity that is more stable than expanding, explains Adrien de Saint Hilaire, of Bank of America. In addition, there is no obvious
holding company discount in the group's valuation, which would provide upside potential.”
There remains the speculative aspect. Will Vivendi want to integrate Hachette into Editis? In this case, it could be tempted to launch a
takeover bid on Lagardère. But in this respect, as on the Vivendi file itself, Vincent Bolloré's intentions still remain a mystery for the
markets. And as Adrien de Saint Hilaire says, Vincent Bolloré has plenty of time ahead of him to decide...

Press articles  Vivendi‐Lagardère  Page 8 of 18 

 HD Hachette Livre acquiert Workman Publishing pour 240 millions de dollars
BY NICOLAS MADELAINE
WC 732 words
PD 17 August 2021

Hachette Livre acquires Workman Publishing for $240 million

The Lagardère subsidiary makes its biggest acquisition since the takeover of Warner Books for 540 million in 2006. The American
publisher specializes in children's literature and practical books.
Hachette Livre will acquire Workman Publishing in the United States for 240 million dollars. This is the largest acquisition of the Lagardère
group's publishing subsidiary since 2006 with the acquisition, also in the United States and for $540 million, of Time Warner Books, which
serves as the French group's flagship overseas. Atlantic.
Workman is a New York publisher known for his how-to books, such as "What to expect when you are expecting?" “(“What to expect when
you are pregnant?”) or “Brain Quest”, adapted from “Incollables” by the French publisher Play Bac, but also for its children's books (fiction
and activity books) . It publishes the works of Sandra Boynton - 70 million books sold "mainly to friends and family", as she humorously
points out.
With around 300 employees, it achieves a turnover of more than 130 million dollars after having benefited from the confinement effect, in
particular from children (sales up 12% in 2020). The transaction is therefore based on a valuation multiple of around twice the turnover.
"Historically, transactions in publishing were around 1 to 1.5 times sales, but the recent trend is upwards with the acquisitions of Simon &
Schuster by Penguin Random House (Bertelsmann) (2.7 times) and Houghton Mifflin by News Corp (twice),” explains Fabrice Bakhouche,
Deputy CEO of Hachette Livre since March.
For Hachette, the world's third-largest publisher, the challenge is to remain in the top three in the United States, the group having set itself
the objective of strengthening its position in Anglo-Saxon countries, where growth is stronger due to the more significant breakthrough than
elsewhere in e-commerce and e-books. Thanks to Simon & Schuster, which interested Hachette, Penguin Random House is far ahead
with a share of just over a quarter of the total American market. HarperCollins (a subsidiary of News Corp, Rupert Murdoch's group) is
second with more than 10%, ahead of Hachette, therefore, which consolidates its position as number 3, with nearly 7% of the market.
“In the United States, size is important when discussing with distributors, particularly Amazon, or writers' agents,” says Fabrice Bakhouche.
With Workman, Hachette will generate approximately $750 million in sales in the United States, i.e. 22% more than the total for 2020. The
United States will now account for more than 30% of total Hatchet Book.
The operation also has the advantage for Hachette of strengthening its position in catalog works which sell less spectacularly when they
come out but last longer, in particular with renewed editions. In the United States, Hachette is indeed very present in the best-sellers since
it publishes writers like Harlan Coben, James Patterson or Michael Connelly. “These books are sold for twelve to eighteen months with a
very strong start, while a 'What to expect…' has generated a stable level of sales for twenty years”, explains Fabrice Bakhouche.
The operation will be neutral on Lagardère's earnings per share and will improve it once the synergies between Hachette and Workman
have been identified. With the health crisis which has heavily affected its activity in places of transport, its second pillar with publishing,
Lagardère does not have the means to increase its financial situation, even if it has recently improved. The acquisition of Workman should
be financed by disposals of assets of the Lagardère group.
Hachette had been interested for a very long time in this family group created in 1968 by Peter Workman, who died in 2013. Hachette felt a
cultural closeness to this American publisher made up of relatively independent houses. The Lagardère group, with its new public limited
company structure whose main shareholder is Vivendi, in any case deemed the operation sufficiently important to allow its subsidiary to
get its hands on the portfolio.

Press articles  Vivendi‐Lagardère  Page 9 of 18 

 HD Vivendi va lancer une OPA sur Lagardère

BY NICOLAS MADELAINE; DAVID BARROUX

WC 533 words

PD 16 September 2021

Vivendi will launch a takeover bid for Lagardère

Vivendi launches a takeover bid on the Lagardère group. The French media giant, controlled by the Bolloré family, which already owns
27% of the group led by Arnaud Lagardère, has agreed to pay nearly 610 million euros to buy back the approximately 18% that the Amber
Capital fund proposes to sell to it.
Vivendi, which will thus control 45.1% of the capital of Lagardère, will cross the threshold of 30% of the capital and voting rights of
Lagardère and must therefore launch a takeover bid for the entire group.
In an attempt to seduce the various shareholders (including 9.90% of Financière Agache controlled by Bernard Arnault, the CEO of the
LVMH group, also a shareholder of "Les Echos"), Vivendi offers to acquire Lagardère shares at 24.10 euros, against a closing price of
19.40 euros on Wednesday evening. It remains to be seen whether the proposed bonus will appeal to all shareholders.
Owner of Canal+, of the number two French publisher Editis and for the moment still of the world number one in music, Universal (whose
IPO is scheduled for September 21), Vivendi could, if the operation goes to its term, take over a group with a turnover of around 4.4 billion
euros.
It is above all the Hachette publishing branch (54% of Lagardère's turnover) that interests Vivendi. The “travel retail” activity (airport and
station shops) is not strategic for a media group. Vivendi could as a bonus seize the radio activities of Lagardère (Europe 1 and musical
radio stations) and some press titles (the "JDD", "Paris-Match", the license rights on "Elle") which could complement its own activities in the
audiovisual and magazine press.
The operation promises to be complicated in terms of competition. The antitrust authorities will demand that Vivendi no doubt sell assets in
certain countries and in particular in France, Hachette and Editis being the two heavyweights in the distribution of books and having key
positions in certain segments such as textbooks. In 2003, the two publishers unsuccessfully attempted to merge.
However, Vivendi has made a commitment to Amber Capital to pay it its 610 million even if all the authorizations are not obtained by
December 15, 2022. Vivendi will now pledge this sum and guarantees to find another acquirer capable of substituting for him if the
operation were blocked by the antitrust.
Arnaud Lagardère, who had already had to renounce last April the status of the partnership which gave him a position of control over the
group founded by his father, will now undoubtedly sell his shares (12% of the capital). Moreover, he would not be hostile to this
operation. Amber Capital entered the capital of the Lagardère group in 2011 and waged a long trench war against Arnaud Lagardère. The
fund managed by Joseph Oughourlian will also be able to turn this page.

Press articles  Vivendi‐Lagardère  Page 10 of 18 

 HD Editis et Hachette : une méga fusion en vue qui devra franchir l'obstacle de l'antitrust

BY NICOLAS RICHAUD

WC 954 words

PD 16 September 2021

Editis and Hachette: a mega merger in sight which will have to overcome the obstacle of antitrust
Eighteen years later, the idea of a marriage between Editis and Hachette resurfaced. But unlike 2003 when the publishing industry did not
see Lagardère's takeover of Vivendi Universal Publishing (VUP), the ancestor of Editis, coming, the merger in sight did not surprise anyone
this time. “It was inevitable,” confides an editor. On Wednesday, Vivendi announced that it would launch a takeover bid for Lagardère. A
stock market movement that will have ramifications, particularly in the publishing industry.
The former owns Editis (Julliard, Plon, Le Cherche Midi, etc.), number two on the French book market, while the latter owns Hachette
(Grasset, Stock, Fayard, Calmann-Lévy, etc.), the sector leader in France and an international heavyweight. The publishing branch
(Lagardere Publishing or Hachette Livre) is considered the jewel of the Lagardère group, of which it represents 54% of turnover, at 1.1
billion euros in the first half. This entity generates only 28% of its income in France compared to 50% in the United States, Canada and
England.
Almost exclusively French, Editis saw its revenues reach 372 million euros between January and the end of June. In all, the two groups
generated nearly $3.5 billion in revenue in 2020, according to BoFA Securities. A level that approached the future consolidated whole of
the world leader in the sector, Penguin Random House (4.1 billion) before the acquisition of Simon & Schuster.
Obviously, all eyes are now on the side of the competition authorities. "Unlike the first merger in 2003, when Brussels took up the case, the
subject of competition arises mainly in France this time", notes an expert in the sector, while the combined turnover of the two players, in
France, revolves around half of the revenues of the publishing sector.
This time again, important "remedies" will be essential. Antitrust authorities generally authorize takeovers between rivals when the
combined market share does not exceed 25 to 30%, but balk when the new group weighs more than half of a market. Editis being Franco-
French, the acquisition of Hachette's international assets should not raise any problems but, in France, the acquirer will have to proceed
with asset disposals.
“I don't see how this merger can pass as it stands. There are two very critical points. On the one hand, the distribution distribution
where Editis, via Interforum, and Hachette Distribution weigh more than 50% of the French market, since they distribute their houses and
many third-party publishers, underlines a connoisseur of the industry. They will surely have to return contracts and this is an opportunity for
a group like Media-Participations. The other file will be that of the school book, where Editis and Hachette are also ultra-dominant”.
On the side of the financial markets, analysts have started to pull out their calculators. "Based on similar transactions (Penguin / Random
House), we believe that nearly 40 million euros of annual synergies can be achieved", estimates BoFA Securities. It also remains to be
seen how the merger will take place, against the backdrop of the question of the integration of the teams. “There is a Hachette spirit as
there was a Canal+ spirit. When we see what happened there, we are afraid of losing that, ”advances the SUD union of Hachette. The
Editis -Hachette saga has only just (re)begun.

Press articles  Vivendi‐Lagardère  Page 11 of 18 

 HD Vivendi veut s'écrire un nouvel avenir en remplaçant la musique par l'édition

BY NICOLAS MADELAINE

WC 985 words

PD 16 September 2021

Vivendi wants to write a new future by replacing music with publishing

While the split of Universal Music will take place next Tuesday, Vincent Bolloré's group is beginning its effective takeover of the world's
number three book publisher with a probable takeover bid for Lagardère.
If it's a coincidence, he's lucky enough. While the split of Universal Music (UMG) in favor of a listing in Amsterdam will take place on
September 21, Vivendi has just, by initiating the procedures to launch a takeover bid for Lagardère, to take a crucial step on the path which
should lead it to become a major player in publishing.
The group controlled by Vincent Bolloré is certainly trading a world number one position in a strong growth sector, music, for a position of
challenger in a slower growing market. But Vivendi is strengthening itself in a business that is resistant to Internet disruption and Hachette,
the subsidiary of Lagardère, is still number three in the world! In addition, according to Bank of America, if the operation goes to the end at
24 euros per Lagardère share, Hachette’s price will be small: 8 times its self-financing (Ebitda), against 14.5 times in the takeover of Simon
& Schuster by Bertelsmann.
Especially since most analysts believe that the travel retail of Lagardère's will be sold when the opportunity arises. A real post-Covid
rebound in this activity is possible and it is not in Vivendi's core business. This could bring in 2 billion euros and finance a total acquisition
cost of 100% of Lagardère's capital valued, according to Oddo, at more than 4 billion euros (2.5 billion in shares to which must be added
1.7 billion in debt).
In any case, Vivendi did not suddenly discover a passion for publishing. "From the takeover of Editis a few years ago to the end of the
sponsorship opening the control of the Lagardère group, the takeover of Hachette is the culmination of a logical approach", says a close
friend of the group. Some analysts therefore believe that publishing could become the group's stock market engine.
The takeover of Hachette's international activities would also allow Vivendi to be less dependent on the French market. In any case, the
group has international ambitions. It has invested in Africa, Asia and Northern Europe in the audiovisual sector. And it has holdings in Italy
( Telecom Italia) and in Spain (Prisa) which could serve as currency of exchange.
It remains to be seen how the financial markets will “buy” this new strategy. Today, the valuation of Canal+, Editis, Havas and Prisma
remains weak overall Vivendi, meaning that the markets believe that the group operates more like a holding company than an integrated
group. And Thursday, the title Vivendi remained stable the day after the announcement of the proposed takeover bid.
With a group less dominated by the first music major and at the helm of the world's number three publisher, Vivendi hopes that this
"discount" will disappear and that the synergies promised between the various activities will eventually materialize. Just before the rise in
the capital of Lagardère is triggered, analysts valued Vivendi between 12 and 13 billion euros, against a valuation of 35 billion today linked
to UMG, of which Vivendi will only retain 10% next week. Bank of America estimated at nearly 4.5 billion the value of its stakes in
Lagardère and Banijay (a heavyweight in audiovisual production) but also in Telecom Italia, Mediaset and Prisa.
The group that has repaid its debt and filled its coffers thanks to Universal Music retains financial firepower. It can still initiate share
buybacks as it obtained authorization from the general meeting. Nothing prevents it from launching another major external growth
operation.

Press articles  Vivendi‐Lagardère  Page 12 of 18 

 HD Lagardère : l'offre financière de Vivendi va devoir convaincre

BY MARINA ALCARAZ; LAURENCE BOISSEAU

WC 764 words

PD 16 September 2021

Lagardère: Vivendi's financial offer will have to convince

The surprise did not come from the announcement but from its timing. Vivendi's capital increase in Lagardère was expected by many
financial analysts, but its speed was a surprise. "Since the shareholders put an end to the sponsorship by shares last June, the principle of
a takeover bid was recorded, especially since Vivendi and Amber had signed a shareholders' agreement a year earlier", recalls a good
connoisseur of the case.
Thursday, the Lagardère title skyrocketed after this announcement: at 23.28 euros at the close, up 19.4%, but slightly below the threshold
of 24.10 euros proposed by Vivendi to take over the share of Amber in Lagardere.
“This price is certainly a good deal for Amber, but it remains relatively limited. It reflects uncertainties both on the business, and in
particular the travel retail activity [points of sale in stations, airport, etc.] very dependent on the evolution of the health crisis and on the
success of the operation, with concessions to be made to pass the antitrust”, adds Julien Roch at Barclays.
When Vivendi has bought the shares held by Amber, it will hold 45.1% of the capital and 36.1% of the voting rights of Lagardère. As it will
cross the threshold of 30% of the capital of Lagardère, Vivendi will be forced to launch a takeover bid on 100% of the capital.
At this price, which shareholders will tender their shares to the offer? On this point, opinions differ. According to figures from Oddo BHF,
the capital is held by Vivendi (27.2%), Qatar's sovereign wealth fund QIA (12%), Amber Capital (18%), Bernard Arnault's Financière
Agache (10%), Arnaud Lagardere (11%). Only 22% of shares are free float.
“There is no great interest in remaining in the minority. But if the travel retail division is doing better, I don't see how Vivendi could avoid
raising its offer,” adds Julien Roch. At 24.10 euros, Qatar would make a loss on its cost price, says analyst Bryan Garnier.
Be that as it may, in the context of a mandatory public offer (which is not the case for a voluntary offer), the AMF (Autorité des Marchés
Financiers) has its say on the price. If it deems it too low, it may consider that the offer does not comply.
Vivendi does not "necessarily need to have 100% control", adds Thomas Coudry. If Vivendi picked up 100% of Lagardère shares, it would
cost it 1.8 billion euros, in addition to the 610 million in cash disbursed for Amber. In addition, it should consolidate the financial debt of
Lagardère (1.7 billion euros) and 3.7 billion of other debts. But retaining minority shareholders would limit Vivendi's room for manoeuvre.
Many professionals expect Vivendi to sell the Travel retail branch, while the crown jewel of the operation is its publishing division. In any
case, this tender offer, if it materializes, should not call into question the potential buybacks of shares of Vivendi, which reassured most
analysts on Thursday.

Press articles  Vivendi‐Lagardère  Page 13 of 18 

 HD EXCHANGE --- Heard on the Street: Vivendi Gets a Big Deal in the Books --- After a fight among rival
billionaires, the French company looks as if it will land Lagardere
BY By Carol Ryan

WC 509 words

PD 18 September 2021

Vivendi, which is controlled by French billionaire Vincent Bollore, said late Wednesday it has agreed to buy the 18% stake in Lagardere
built up by activist investor Amber Capital. Provided the deal gets approval from antitrust authorities, Vivendi will make a takeover offer for
the rest of the company. Lagardere's Paris-listed stock jumped 19% Thursday.
Amber first bought shares in Lagardere in 2016 and fought a long battle to get rid of the company's “societé en commandite” structure, a
French corporate setup that allowed Chief Executive Arnaud Lagardere to control the firm with a tiny economic interest. Since taking over
his father's business in 2003, Mr. Lagardere delivered annual shareholder returns of 4%, just half what France's CAC 40 index clocked
over the period.
The family scion's attempts to protect himself from Amber's attack have been dramatic. He initially brought in Mr. Bollore as a white knight -
- Vivendi bought a stake in Lagardere last spring and helped defeat the hedge fund's push for a board overhaul last year. But as Mr.
Lagardere didn't fully trust his ally, who has been eyeing Lagardere's media assets, he asked another billionaire, Bernard Arnault -- the
founder of luxury-goods giant LVMH and his father's old tennis partner -- to step in and buy a stake higher up the corporate structure. This
initially protected Lagardere from a takeover by Mr. Bollore, but also sent him into the arms of Amber.
Vivendi's own investors also get a clearer picture of what the business might look
like after it spins out its trophy asset, Universal Music Group, next week. The
French company says it can revamp unloved publishing assets in the same way it
did the Los Angeles-based music giant. Vivendi is floating the business at a 33
billion euro valuation, equivalent to $38.83 billion, after several years of strong
growth.
Any comparisons between Universal Music and Lagardere, which owns book
publisher Hachette and several magazine brands, need to be taken with a pinch of
salt. The music company's revival owes as much to Spotify and streaming
technology as Vivendi's management. The results of turnaround efforts at other
Vivendi businesses, such as pay-TV provider Canal Plus, have been more mixed.
Still, the company may be able to attract a fresh set of value investors if it can
convince them that it can give Lagardere's cheap assets a makeover. As this
apparent final twist in the Lagardere drama has again demonstrated, it often
doesn't pay to bet against Mr. Bollore.

Press articles  Vivendi‐Lagardère  Page 14 of 18 

 HD Lagardère réduit ses pertes grâce à l'édition et l'année record d'Hachette

BY NICOLAS RICHAUD

WC 680 words

PD 18 February 2022

Lagardère reduces its losses thanks to the edition and the record year of Hachette
In 2021, the publishing leader in France and number three worldwide generated nearly 2.6 billion euros in revenue, a historically high level.
An exceptional year for Hachette, which is about to officially change ownership. Last year, the publishing leader in France and world
number three generated revenues amounting to nearly 2.6 billion euros. That is an increase of 9.4% over one year and a historically high
level for the subsidiary of the Lagardère group. In France, where its activities have taken off by 13.8%, the group has crossed the symbolic
barrier of one billion euros in turnover. A great first.
“Last year, France drove our growth, whereas in 2020, it was the English and American markets that carried us,” emphasizes Fabrice
Bakhouche, Deputy CEO of Hachette Livre. Our performance in 2021 is all the more satisfying as we did not release a mega 'bestseller'
that sold millions of copies. It is built on our catalog of authors that we have developed and installed over time. “For the current year,
Lagardère anticipates a “less buoyant context for book sales in 2022” and forecasts a turnover “at a stable level” at the publishing level.
A landing that will not prevent Hachette from being active in the field of takeovers after those of Paperblanks (stationery) and Workman
(publishing) in recent months. “We are in a market with large volume effects and the idea for us is to continue to grow in publishing to
reach a more critical size in the United States and the United Kingdom, notes Pierre Leroy, CEO of Hatchet Book. We also want to
complete our editorial specialties in niche markets such as board games which are complementary to our main activity. »
In the meantime, these results for the 2021 edition are a welcome breath of fresh air which has enabled the Lagardère group to limit its
losses, while Vivendi - controlled by Vincent Bolloré - is preparing to launch a takeover bid on the company, whose it already owns more
than 45% of the capital. In 2021, the firm still managed by Arnaud Lagardère recorded a net loss of 101 million, against 660 million the
previous year, mainly due to the loss of turnover in "travel retail" (trade in airports and train stations). “We were caught up by the Covid
which put one of our two legs a little on the ground”, underlined, Thursday, Arnaud Lagardère, during his hearing by the Senate within the
framework of the preparation of a law on media concentration.
Last year, Lagardère's "travel retail" activity rebounded by 33.1% compared to 2020, to 2.3 billion euros. But this represents barely a little
more than half of the income generated by this activity in 2019. As for the group's other activities, including in particular the media (“Paris
Match”, Europe 1, “Le JDD”…), the income rose by 5.7% over one year, to 242 million, compared to 229 million in 2020 and 288 million in
2019.
In all, the group's overall turnover reached 5.13 billion in 2021. An increase of 15.5% over one year, but this level remains 26.5% lower
than before the health crisis. During a conference with analysts, Arnaud Lagardère, who has made it known in the past that he was not
hostile to Vivendi's takeover bid, specified that his plan was to increase his stake in the group: "I would ideally like, if possible because it
depends on the markets, to acquire something like 3 or 4% to reach 15% in the near future.”

Press articles  Vivendi‐Lagardère  Page 15 of 18 

 HD Vivendi veut relever le prix de son offre sur Lagardère

BY Fabio Benedetti Valentini

WC 718 words

PD 18 February 2022

Vivendi wants to raise the price of its offer for Lagardère

Vivendi, which already holds just over 45% of Lagardère's capital, plans to offer 25.50 euros per share, from which the dividend for 2021
would be deducted, "for those shareholders wishing to sell their shares immediately". Details of the takeover bid will be made public on
Monday.
Vivendi plans to improve the terms of its offer for the Lagardère group. The French media giant, controlled by the Bolloré group, wants to
offer a "bonus" for Lagardère shareholders who agree to sell their shares quickly when launching its takeover bid.
Vivendi, which already holds just over 45% of the capital of Lagardère, has thus decided to raise the price it is considering for its offer to
25, 50 euros per share, from which the dividend for 2021 would be deducted, "for those of shareholders wishing to sell their shares
immediately", according to a press release published on Friday which pulled up the Lagardère share to 25.30 euros (+ 5%).
Another detail that should appeal to Lagardère shareholders (including the 9.90% of Financière Agache controlled by Bernard Arnault,
CEO of the LVMH group, also owner of "Les Echos"): they will have the right to sell their shares to Vivendi until on December 15, 2023 at a
price of 24.10 euros per share; this, on the condition that Vivendi reaches the majority of the capital with the tender offer.
A floor price therefore, and guaranteed for almost two years. Previously, Vivendi had promised to launch the operation at 24.10 euros, the
same price paid to buy out the stake in the Amber Capital fund. While the details of the takeover bid are still not known, Vivendi is therefore
coming out of the woodwork the day after the publication of the annual results of the company headed by Arnaud Lagardère.
In 2021, Lagardère reduced its net losses to 101 million euros - compared to a loss of 660 million euros a year earlier, due in particular to
the drop in revenue in "travel retail" (network of shops in airports and stations), a profession hit hard by the health crisis.
In this context, it was Hachette that drove the group's financial results. The publishing leader in France and number three worldwide
generated revenues of nearly 2.6 billion euros, a particularly high level and an increase of 9.4% over one year.
After the split of Universal Music Group last September, Vivendi's plans for Lagardère can be explained in large part by the desire to create
a champion in publishing, a sector which benefits from favorable winds as book sales increase. Vivendi also remains ambitious in the
audiovisual sector (Canal+) and in advertising (Havas), and last year set up a press division by buying the magazines of Prisma Media. If
the offer for Lagardère is successful, Vivendi will also own "Paris Match", "Le JDD" and Europe 1.
As well as the travel retail activities in which Lagardère is strengthening with the announcement on Friday of an agreement to acquire a
majority stake and takeover of Creative Table Holdings LTD, operator of catering activities at the airport. of Dubai, for 74 million.
As for the edition, the Bolloré family group will have to go through the caudine forks of the Competition Authority. Already the number two
owner of the French market with Editis, Vivendi will get its hands on the leader Hachette at the end of its takeover bid but risks having
difficulty retaining all the publishing and distribution activities of these two groups dominating the market.

Press articles  Vivendi‐Lagardère  Page 16 of 18 

 HD Vivendi détient désormais la majorité du capital de Lagardère

BY NICOLAS MADELAINE

WC 832 words

PD 27 May 2022

Vivendi now holds a majority stake in Lagardère

One more step towards total control of the Lagardère group. Vivendi announced Wednesday evening that it held 55.43% of the capital of
Lagardère, at the end of the main part of its takeover bid launched on April 14. The company "takes note with satisfaction of the result of
the first period" of this takeover bid at 25 euros per share, she said in a press release.
Vivendi should soon be able to comfortably establish its power at Lagardère. The media subsidiary of the Bolloré family now holds 45.85%
of the “theoretical” voting rights. Pending the verdict from Brussels on the remedies to be applied to the merger, in publishing,
between Editis, a subsidiary of Vivendi, and Hachette, a subsidiary of Lagardère, Vivendi's voting rights are capped at 22.5% of the total.
As explained in its information note on the operation, filed with the Autorité des marchés financiers (AMF), Vivendi will now have to reopen
its takeover bid for a few days: from May 27 to June 9. Some Lagardère shareholders could contribute their shares. The result will be
announced on June 14.
In any case, once the agreement is reached with the European competition authorities, Vivendi has every chance of crossing the majority
in voting rights.
Among the major shareholders involved in this great saga of French capitalism which resulted in the end of Arnaud Lagardère's control
over the company built by his father, the investment fund Amber recorded its exit in September 2021, which triggered the process of this
takeover bid. Financière Agache (owner of “Les Echos” via LVMH) contributed 20% of its shares, or 2% of the capital of Lagardère, to the
main takeover bid. Qatar meanwhile let it be known in early May that it would keep its securities weighing 11.5% of the capital. According
to some sources, he would still be undervalued on this investment and would not be in a hurry to sell.
Vivendi had, as part of this operation, proposed to shareholders a so-called subsidiary offer which allows it to sell its Lagardère shares
before December 15, 2023 at 24.10 euros. For shareholders, it is a way to play on a rise in Lagardère's share price beyond the 25 euros of
the takeover bid, for example thanks to a rebound in the "travel retail" activity (trade in the airports and train stations) penalized by the
health crisis, while having a secure floor price. This offer interested the holders of 11 million shares.
Arnaud Lagardère, shareholder with 11% after the end of the limited control of his company, had indicated in March that he “intended to
reserve the benefit of the transfer rights offered within the framework of the subsidiary branch […]” of the tender offer. "At the end of this
public offer, I will still hold 11.06% of the capital and I wish to increase this stake depending on market conditions," he said in a press
release on Wednesday evening. Financière Agache has declared its intention to contribute the balance of its participation to the subsidiary
offer.
The takeover bid having almost passed, the main task for Vivendi is now to find the remedies requested in France by the European
Commission to be able to marry Editis to Hachette, the asset that drives Lagardère's profitability. If Hachette alone is powerful
internationally, the two companies are publishing juggernauts in France. A scenario often mentioned is the sale of Editis to keep only
control of Hachette. But Vivendi hopes not to come to this drastic solution.

Press articles  Vivendi‐Lagardère  Page 17 of 18 

 HD Vivendi prêt à céder Editis en l'introduisant en Bourse

BY NICOLAS RICHAUD

WC 760 words

PD 29 July 2022

Vivendi ready to sell Editis by listing it on the stock market

The mega-merger envisaged by some between Hachette and Editis, the numbers one and two in the French publishing market, will not
take place. On Thursday, Vivendi announced that it was studying a project to resell Editis in its entirety, which it had acquired in 2018 for
830 million euros. This sale would be made via an IPO of the publishing group. An announcement that comes just over a month after the
group controlled by the Bolloré family closed its takeover bid on the Lagardère group (to which Hachette belongs) and of which it now
holds 57.35% of the capital.
As it stands, a consolidated Hachette-Editis group would have had no chance of going through the antitrust stage in Brussels. Their
combined market share which would be too high on certain segments of the French publishing and distribution-distribution market such as
school, extracurricular or pocket. In detail, Vivendi will notify its plan to sell Editis in September to the European Commission.
“We want to carry out a distribution-listing operation similar to the one we had put in place for Universal Music Group, explains Arnaud de
Puyfontaine, Chairman of the Vivendi Management Board. With this arrangement, the operation should be rapid, while ensuring the
sustainability of Editis and without upsetting the competitive balance of the French publishing market". The Bolloré group, which controls
29.5% of Vivendi's capital, will receive 29.5% of Editis, but undertakes to sell this stake.
The next step for Vivendi in this case will be to receive the green light from Brussels regarding its resale project. This endorsement will
depend on the quality and relevance of the next reference shareholder that Vivendi will present to the European Commission.
“It must be a financially solid company, with a long-term project. Banks will be mandated to find buyers corresponding to this profile, which
will be neither a Private Equity fund nor a French publishing company, because this could upset the competitive balance of the publishing
sector and slow down the operation, underlines Arnaud de Puyfontaine, who hopes to be able to find a reference shareholder “during the
fall”. If Brussels gives its blank check to the proposed arrangement, the group could proceed with the listing, which is planned on Euronext
Paris, within three to four months thereafter. This would probably place the operation at the end of the year or at the beginning of 2023.
Still, Vivendi could have tried to carry out a very clinical and limited dismemberment of Editis and further strengthen Hachette on the
French market with publishers like Plon or Robert Laffont, prestigious names in general literature weighing "only" a few million or small
tens of millions of income a year. “We of course considered this scenario, but it would have required more time and created more
complexity and uncertainty. Our priority is for this operation to be a success”, explains Yannick Bolloré, chairman of the supervisory
board. The only slight shadow on the board for Vivendi: the times are hardly conducive to a stock market operation, as market conditions
have deteriorated recently.
Not sure therefore that the group gets away with a bonus during the possible future IPO of Editis. But the main thing is elsewhere for
Vivendi, which hopes to soon be able to look far ahead and beyond the French borders alone. “Our priority is to build a global player in
publishing,” notes Yannick Bolloré. And we do not refrain from looking at takeovers to further strengthen our position internationally.”

Press articles  Vivendi‐Lagardère  Page 18 of 18