Lagardère is taking legal action against Vivendi and Groupe Canal+ for the
restitution of €1.6billion in cash to Canal+ France
PARIS -- February 13, 2013
In its capacity as a Canal+ France shareholder^1, Lagardère (Paris:MMB)has
summoned Vivendi and Groupe Canal+ (hereinafter “the Vivendigroup”) to appear
in the Paris commercial court on March 21, 2013, for the purposes of obtaining
a restitution from the Vivendi group to Canal+ France of its cash, which
amounted to close to €1.6billion on November 30, 2012.
Lagardère believes that the Vivendi group is making permanent use of Canal+
France’s entire cash surplus under a cash management agreement, the legality
of which Lagardère contests.
Lagardère considers that the use made by the Vivendi group of this cash
management agreement has caused significant harm to Canal+ France, since it:
(i) receives a very low interest, which does not take into account either the
amounts at stake or the permanent nature of its use by the Vivendi group;
(ii) is providing low-cost funding for the goals pursued by the Vivendi
group’s wholly-owned subsidiaries;
(iii) is exposed to financial risks that are not justified given the absence
of any guarantee protecting Canal+ France.
Lagardère believes that this action is necessary to defend Canal+ France’s
Lastly, Lagardère regrets that this situation, which was created by the
Vivendi group, has caused a deadlock preventing Canal+ France, as things
stand, from going ahead with an IPO in normal conditions.
Lagardère is a world-class pure-play media group (Book and e-Publishing;
Press, Audiovisual, Digital and Advertising Sales Brokerage; Travel Retail and
Distribution; Sport Industry and Entertainment).
With a holding of around 7.5%, Lagardère jointly controls EADS.
Lagardère shares are listed on Euronext Paris.
^1 Lagardère owns a 20% stake in Canal+ France.
Thierry FUNCK-BRENTANO, +33 (1) 40 69 16 34
Ramzi KHIROUN, +33 (1) 40 69 16 33
Anthony MELLOR, +33 (1) 40 69 18 02
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