reports
- Neil Macker
Vivendi is beginning to make acquisitions after selling telecom assets...
On March 22, the Telecom Italia board met to consider Elliott Management’s request for the directors appointed by Vivendi, including chairman Arnaud de Puyfontaine to resign. Elliott then proposes to consider spinning off the fixed-line telecom business. In response, Puyfontaine and six other directors announced their resignations effective April 24. With the resignation of over half of the board, the firm’s by-laws require all other directors to resign and a new board to be elected. A share...
- Neil Macker
Vivendi Leads Over Half of Telecom Italia’s Board to Resign in Contr...
On March 22, the Telecom Italia board met to consider Elliott Management’s request for the directors appointed by Vivendi, including chairman Arnaud de Puyfontaine to resign. Elliott then proposes to consider spinning off the fixed-line telecom business. In response, Puyfontaine and six other directors announced their resignations effective April 24. With the resignation of over half of the board, the firm’s by-laws require all other directors to resign and a new board to be elected. A share...
- Neil Macker
Vivendi Gives Up on Ubisoft Quest as Tencent and Ontario Teachers Step...
Ubisoft and Vivendi announced a share purchase agreement on Tuesday under which Ubisoft and other investors would buy Vivendi’s 27.3% stake in Ubisoft for EUR 66 per share, slightly below the March 20 closing price of EUR 68.56. This agreement marks the end of Vivendi’s attempt to control and/or buy Ubisoft, a quest that began in October 2015. For Vivendi, the agreement is a much more elegant and profitable exit from Ubisoft than we previously expected as the firm will receive EUR 2 billion,...
- Neil Macker
Vivendi Bids to Buy Majority Stake in Havas; 2017 Off to a Mixed Start
Vivendi posted a mixed start to 2017 with first-quarter revenue slightly ahead of consensus and EBITDA below. Canal+ continues to struggle in France, dragging down overall results, but management continues to expect a bounce back in the second half of the year. The firm also announced an all-cash bid to buy the 59.7% stake in Havas owned by Groupe Bollore for EUR 9.25 per share, representing a 9% premium to the closing price on May 11. Havas is the sixth-largest ad agency holding company in the ...
- Neil Macker
Vivendi is beginning to make acquisitions after selling telecom assets...
Mediaset’s largest shareholder, Fininvest, announced Wednesday that it had not received any proposals from Vivendi and the two firms are not currently negotiating, contrary to published reports. Vivendi has not commented since stating in the middle of December that the firm would buy up to 30% of Mediaset shares, the legal limit in Italy before an investor is required to launch a takeover offer for all shares. We expect Vivendi to remain below the threshold for the time being but do expect the...
- Neil Macker
Vivendi and Mediaset Remain in Holding Pattern
Mediaset’s largest shareholder, Fininvest, announced Wednesday that it had not received any proposals from Vivendi and the two firms are not currently negotiating, contrary to published reports. Vivendi has not commented since stating in the middle of December that the firm would buy up to 30% of Mediaset shares, the legal limit in Italy before an investor is required to launch a takeover offer for all shares. We expect Vivendi to remain below the threshold for the time being but do expect the...
- Neil Macker
Vivendi Meets Expectations; Canal+ Struggles Continue in France
Vivendi reported first-half 2016 results in line with our expectations. Canal+ continues to struggle in France, dragging down overall results. We maintain our no-moat rating and our fair value estimate of EUR 18. With Vivendi shares trading in the 3-star range, investors should wait for a pullback before investing. For the first half of 2016, Vivendi posted revenue of EUR 5.04 billion, down 1% from a year ago as Canal+ continues to decline as revenue fell 3.5%. Universal Music Group was flat as ...
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