Paris Court Of Appeal Rules Bolloré Does Not Exercise Control Over Vivendi Removing Obligation For Multibillion Buyout… For Now
France's Court of Appeal ruled that French billionaire Vincent Bolloré and his investment group do not exercise effective control over Vivendi, despite owning 29.3% of the company. Under French corporate law, shareholders crossing the 30% threshold must launch a mandatory buyout of remaining shares—a move analysts estimate could have cost more than $10 billion had the court ruled otherwise.
The judgment reverses a lower court's April 2025 decision that had found Bolloré wielded de facto control. That ruling was subsequently overturned by France's highest court in November 2025, which remitted the case for reconsideration. Minority investor group CIAM, which initially challenged Bolloré's ownership structure following Vivendi's 2024 breakup and spinoff of subsidiaries, has signalled its intention to appeal this latest decision.
- French appellate court determined that Vincent Bolloré's 29.3% stake in Vivendi does not constitute controlling interest, exempting him from a mandatory acquisition offer estimated to exceed $10 billion
- Ruling reverses an earlier April 2025 decision; minority investor group CIAM plans to appeal to France's highest court
- Decision also affects Universal Music Group dynamics, where both Bolloré and Vivendi hold significant equity stakes