Deals
Activist Bluebell Asks Regulator to Probe Vivendi Music Spinoff
- Bluebell says Vivendi hasn’t leveled on key terms of deal
- Shareholders to vote on Universal Music spinoff later in June
Photographer: Patrick Hertzog/AFP/Getty Images
This article is for subscribers only.
Activist hedge fund Bluebell Capital Partners has called on French market regulator Autorite des Marches Financiers to investigate Vivendi SA’s plans to spin off Universal Music Group, saying the media company hasn’t leveled with shareholders over key terms of the deal.
Bluebell said Vivendi, which is controlled by billionaire Vincent Bollore, merged two Universal Music entities in February in preparation for the spinoff without telling investors or seeking their approval. The move means shareholders are faced with a “fait accompli” that removes the option of a more tax-efficient structure for the deal, Bluebell told the AMF in a letter seen by Bloomberg on Tuesday.