See Joseph Marie Oughourlian's compensation, career history, education, & memberships. Amber Capital, which holds about 16.4% of Lagardere's share capital, said it would present its own list of new supervisory board members at … Amber and Vivendi should also work for the transformation into a limited company of Lagardère, currently a limited partnership by shares. Son entourage a précisé à l'AFP que cette acquisition de titres devrait se poursuivre en fonction des conditions de marché. In return, he is responsible indefinitely for the debts of the company on his own property. The pact between the two shareholders "does not create any agreement between the signatories on the strategy or the control of Lagardère" which would oblige them to launch a takeover bid, says Amber. He announced at the end of May that he would pay off part of Arnaud Lagardère's debts against 25% of the shares in the heir's personal holding company. (Reporting by Jean-Michel Belot and Sudip Kar-Gupta; Editing by Kirsten Donovan). Since then, Vivendi (up to 23.5% of the shares) and Amber Capital (20%) have separately expressed their desire to be represented on this board, the only body likely to oppose the renewal of the mandate of manager of the board. We apologize, but this video has failed to load. Amber Capital said it wanted Lagardere to speed up the disposal of non-core assets and improve its corporate governance, adding it wanted constructive talks with the company on these issues. The new shareholders of Lagardère "will replace governance sooner or later," Joseph Oughourlian, the founder of Amber, said at the end of the meeting on the BFM Business channel. Il y en a un qui ne voit rien venir, mais qui va se faire bouffer tout cru par son "partenaire"... Ce ne sera pas un mal, vu ses compétences de dirigeant. The pact finally allows Vivendi and Amber to join forces against the influence of Bernard Arnault, the billionaire at the head of the luxury group LVMH. Pour sceller l'alliance, le patron de LVMH a obtenu un siège sur quatre au sein du conseil d'administration d'Arjil Commanditée - Arco, une société-clé dans le statut si particulier du groupe Lagardère qui permet de verrouiller son contrôle par l'héritier du fondateur Jean-Luc Lagardère. The major maneuvers are continuing at Lagardère: its two first shareholders, the media group Vivendi and the activist fund Amber Capital, are joining forces to ask for representation on the supervisory board, in order to oppose the controversial manager Arnaud Lagardère but also to counter the influence of Bernard Arnault. On Tuesday, the two parties announced the signing of a "pact" with a view to obtaining "on the supervisory board a minority representation of three members for Amber Capital and one member for Vivendi", according to a statement from the latter. Officially, the announcement is motivated by "the very poor" financial results of Lagardère, hard hit by the Covid-19 pandemic which in particular caused the collapse of its distribution activity in transport locations (stations and airports). Vivendi and Amber Capital, new allies against LagardèreParis (AFP) The latter then undertake to vote "in favor of the resolutions necessary for the implementation" of the new appointments. Pourtant, c'est cet argument qu'ont repris jeudi les principaux actionnaires de Lagardère, le géant des médias Vivendi et le fonds britannique Amber Capital, qui demandent en justice l'organisation d'une assemblée générale exceptionnelle. COPYRIGHT ©2006-2020 THE MORANDINI FAMILY SARL - TOUS DROITS RESERVES. Joseph Marie Oughourlian is CEO/Managing Member at Amber Capital UK LLP. Our Standards: The Thomson Reuters Trust Principles. The atypical status of the Lagardère group allows Arnaud Lagardère (general partner) to retain control with only around 7% of the capital. The group, also parent company of Europe 1, Paris Match and Journal du Dimanche, recorded a net loss of 481 million euros in the first half, against a profit of 52 million euros a year earlier. "Nous ne demandons pas une faveur, mais l'exercice d'un droit" reconnu aux actionnaires, a affirmé Eric Laut, l'un des conseils de Vivendi, lors d'une audience devant le tribunal de commerce de Paris qui rendra sa décision le 14 octobre. PARIS: Activist fund Amber Capital on Thursday (Aug 20) called on French publishing and media group Lagardere to hold a shareholder meeting, its latest bid to trigger a … Selon l'entourage d'Arnaud Lagardère, ces opérations confirment l'engagement "durable" de Bernard Arnault qui agira désormais "de concert" avec Arnaud Lagardère, mais ne modifient pas le contrôle des sociétés de tête du groupe. See here for a complete list of exchanges and delays. For the British fund, this is the third attempt since a first failure at the 2018 general meeting. Amber Capital - which holds around 5 percent of Lagardere’s share capital - voiced its concerns in a letter addressed to the company’s management, which it released on Thursday. Contacted Tuesday by AFP, the Lagardère group did not comment. Arnault, head of luxury giant LVMH, is the third French billionaire to take a stake in Lagardere after activist fund Amber Capital UK LLP demanded major changes at … Audiences Prime: Le téléfilm de France 3... 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PARIS, May 9 (Reuters) - Activist fund Amber Capital urged French media and travel retail group Lagardere to do more to boost shareholder value, and reiterated its concerns over the company’s recent performance. The announcement confirms the turnaround of Vincent Bolloré, the strong man of Vivendi, who took a stake shortly before the general meeting of last May to save the stake of Arnaud, only son of the founder of the company Jean -Luc Lagardère, facing Amber who wanted to completely renew the supervisory board: support then qualified as "friendly" and justified by the links between the two families. All quotes delayed a minimum of 15 minutes. "La concrétisation de notre investissement dans Lagardère Capital et dans Lagardère SCA solidifie notre engagement aux côtés d'Arnaud Lagardère", a commenté Bernard Arnault, cité dans le communiqué. Le "partenariat" finalisé jeudi soir par un communiqué commun aux familles Arnault et Lagardère, consiste dans l'acquisition par Financière Agache (un instrument financier de Bernard Arnault) de 27% de la holding personnelle d'Arnaud Lagardère, qui détient sa participation de 7,26% dans le groupe qui porte son nom. Activist fund Amber Capital urged French media and travel retail group Lagardere to do more to boost shareholder value, and reiterated its concerns over the company's recent performance. It also provides for a right of first offer and a right of reciprocal pre-emption: if Vivendi or Amber sells its units, the other will have priority to buy them back. This surprise arrival had called into question the hope of several shareholders to see things evolve rapidly within governance, and allows Mr. Arnault to become essential for any strategic decision affecting the activities of Lagardère SCA, in particular the disposals of active. heir, expected in early 2021. They will jointly make an amicable written request within ten days to convene a general meeting and, in the event of refusal, will be united to claim it before the courts, specifies the Financial Markets Authority, which published the agreement between the two shareholders. The major maneuvers are continuing at Lagardère: its two first shareholders, the media group Vivendi and the activist fund Amber Capital, are joining forces to ask for representation on the supervisory board, in order to oppose the controversial manager Arnaud Lagardère but also to counter the influence of Bernard Arnault. Le groupe Lagardère, déjà bousculé par ses deux premiers actionnaires Vivendi et le fonds Amber Capital, a vu débarquer hier dans son capital l'homme le plus riche de France Bernard Arnault, un "soutien" qui a également pris un quart de la holding du groupe. Amber Capital, which holds about 16.4% of Lagardere’s share capital, said it would present its own list of new supervisory board members at Lagardere’s annual shareholder meeting on May 5. A cet investissement de quelque 80 millions d'euros s'ajoute une surprise, la prise de "participation directe" de Bernard Arnault de 5,5% du capital du groupe Lagardère, qui s'élève, au prix du marché, à une centaine de millions d'euros. Vivendi and Amber Capital, new allies against LagardèreParis (AFP) The major maneuvers are continuing at Lagardère: its two first shareholders, the media group Vivendi and the activist fund Amber Capital, are joining forces to ask for representation on the supervisory board, in order to oppose the controversial manager Arnaud Lagardère but also to counter the influence of Bernard Arnault. Le groupe Lagardère, déjà bousculé par ses deux premiers actionnaires Vivendi et le fonds Amber Capital, a vu débarquer hier dans son capital l'homme le plus riche de France Bernard Arnault, u This long-standing fight by Amber Capital, which criticizes the management of Mr. Lagardère, was at the heart of the general meeting of May 5. 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