Vivendi minority shareholder to appeal against proposed split project
Oct 29 (Reuters) -Paris-based investment fund CIAM said on Tuesday it would appeal to France's financial watchdog AMF to ensure shareholder rights are respected in Vivendi's VIV.PA plan to split up, urging a public offer be launched for Vivendi shares.
Vivendi's proposal involves splitting the French media conglomerate into three separate entities — broadcasting group Canal+, advertising business Havas, and Louis Hachette Group — listed respectively in London, Amsterdam, and Paris.
Investors would have until Dec. 13 to buy Vivendi shares and participate in the split, the group said on Tuesday after confirming that current supervisory board chairman Yannick Bollore would keep the same role in all the spin-offs.
CIAM, which says it holds less than a 1% stake in Vivendi, says the spin-offs could bypass French stock market laws protecting minority shareholders.
"Only Vivendi's controlling shareholder, the Bollore Group, would benefit from the listing of the three units on foreign or less regulated markets," the investor said in a statement.
It added that the three listings would allow Bollore to evade the regulations applicable to mandatory takeover bids while strengthening its control over Vivendi's activities.
Vivendi's shareholders will vote on the split project on Dec. 9. Should the plan be approved, the three new listed companies would start trading on Dec. 16.
CIAM intends to "vigorously contest" the project at the shareholders' meeting in December, it said.
Vivendi could not immediately be reached for comment.
Reporting by Gianluca Lo Nostro
Editing by Mark Potter
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