Bolloré Family's Fate Hangs in Balance as France's Top Court Rules on Vivendi Buyout

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France's highest court, the Cour de Cassation, is set to deliver a landmark verdict on Friday that could force the billionaire Bolloré family to launch a massive buyout offer for minority shareholders of Vivendi. The ruling follows a hearing on Wednesday and will determine whether the Bollorés breached French stock market rules by exerting 'de facto control' over Vivendi without triggering a mandatory buyout. The case dates back to Vivendi's 2024 breakup, which spun off its Canal, Havas, and Louis Hachette businesses. While 97% of shareholders approved the split, minority investors claimed it unfairly increased the Bolloré family's influence. Under French law, shareholders with more than 30% ownership must launch a buyout offer. Although Bolloré SE directly owns only 29.9% of Vivendi, the Paris Court of Appeal ruled in April 2025 that the family exercised effective control due to their larger influence. The interpretation of 'de facto control' is key to the case, raising questions about how to evaluate it under French commercial law. The Paris Court of Appeal overturned the AMF's initial decision in April 2025 and ordered a mandatory buyout. If the Cour de Cassation sides against Bolloré, the family could be required to implement one of France's largest buyouts, potentially costing between 6 billion and 9 billion euros. A negative outcome could also prompt asset sales, including its 18% stake in Universal Music Group. A Bolloré victory would nullify the buyout obligation, while a loss could lead to further action, including a potential escalation to the European Court of Human Rights. The Bolloré family's leadership has been in flux since Vincent Bolloré stepped down as chairman in February 2022, with his sons Cyrille and Yannick taking over.