Deals
Loeb’s Third Point Has Built Substantial Position in Vivendi
- Third Point said to have built substantial position in company
- Vivendi’s spinoff of UMG goes to shareholder vote June 22
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Dan Loeb’s Third Point has built a substantial position in Vivendi SE and is examining the French media company’s plan to sell a 10% stake in its Universal Music Group to fellow activist investor Bill Ackman, according to people familiar with the matter.
The New York-based hedge fund has held the position in Vivendi for several months, and has yet to voice an opinion on whether it would support the UMG transaction, the people said, asking not to be identified because the matter is private. The exact size of Third Point’s stake or its rationale for buying it could not be determined.