Overview
- The Cour de cassation annulled an April decision by the Paris court of appeal that had found Vincent Bolloré exercised de facto control over Vivendi during its December 2024 break‑up.
- The court clarified that de facto control under article L.233-3 I 3° is determined solely by votes expressed in general meetings and excludes broader indicators of influence.
- The case is remanded to a different Paris appellate court for re‑examination, leaving open whether Bolloré must fund a multi‑billion‑euro buyout of minority shareholders.
- The AMF in July ordered Bolloré to file a draft mandatory buyout offer within six months, a decision that Bolloré and Vivendi have appealed.
- Vivendi shares initially fell more than 4% after the ruling was announced before trading down about 1% at €2.49 by 16:20 in Paris.