Vivendi Vigorously Contests Lagardère Claims
PARIS -- February 13, 2013
Vivendi (Paris:VIV) announced that a complaint has been filed with the Paris
Commercial Court by Lagardère Holding TV, a subsidiary of Lagardère, a 20%
shareholder of Canal+ France. Lagardère claims that the cash management
agreement concluded between Canal+ France and its parent company Canal+ Group,
a 100% subsidiary of Vivendi, is null and void because it is a related party
agreement that was not previously approved by the Supervisory Board. Lagardère
therefore demands restitution, under penalty, from Canal+ Group, of the entire
cash surplus that Canal+ France has given over under the agreement – an amount
Vivendi formally denies the allegations of the Lagardère group as to the
nature of this cash agreement, which is an ordinary course agreement under
normal conditions, and which does not require prior approval from the
Supervisory Board of Canal+ France.
Vivendi is even more surprised by this claim since Lagardère TV Holding
expressly approved this agreement during the creation of Canal+ France in
2007. Lagardère has never, until now, challenged this when under renewal by
tacit agreement. In addition, the statutory auditors of Canal+ France have
considered from the outset that the cash management agreement is not a
The Group considers that this is an attempt by the Lagardère Group to
destabilize Vivendi and force it to buy back the former’s stake in Canal+
Vivendi does not intend to be intimidated by such abusive maneuvering which
negatively impacts its image and will exercise its rights. The Group has asked
its lawyers to file complaints of abuse of legal process and will also seek
damages, which it is currently evaluating.
Vivendi is at the hearts of the worlds of content, platforms and interactive
Vivendi combines the world leader in video games (Activision Blizzard), the
world leader in music (Universal Music Group), the French leader in
alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom
Group), the leading alternative broadband operator in Brazil (GVT) and the
French leader in pay-TV (Canal+ Group).
In 2011, Vivendi achieved revenues of €28.8 billion and adjusted net income of
€2.95 billion. The Group has over 58,300 employees. www.vivendi.com
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