France's Financial Markets Authority to reassess Vivendi buyout requirement after Court of Cassation overturns Bolloré control finding

France's Financial Markets Authority (AMF) published an update on the Vivendi SE case after the Court of Cassation quashed the Paris Court of Appeal’s 22 April 2025 judgment that had found Vivendi to be de facto controlled by Vincent Bolloré, and remitted the case to a differently composed Paris Court of Appeal. The AMF indicated it will review the implications of the remittal for its 18 July 2025 decision requiring a public buyout offer for Vivendi shares. The statement recalls that, in a 13 November 2024 decision linked to Vivendi’s planned split into four entities, the AMF had found its General Regulation article 236-6 inapplicable because Bolloré SE did not control Vivendi within the meaning of Article L.233-3 of the French Commercial Code, and it granted Louis Hachette Groupe a waiver from the obligation to file a public offer for Lagardère SA. Following an annulment action by CIAM, the Paris Court of Appeal annulled the AMF’s non-application of article 236-6 and referred back to the AMF the question of whether a buyout offer should be required. Acting on that judgment, the AMF’s 18 July 2025 decision concluded that Bolloré SE and Vincent Bolloré should file a public buyout offer for Vivendi and treated Vivendi’s treasury shares as assimilated to Bolloré SE’s holding, taking it above 30% of Vivendi’s capital and triggering a mandatory bid requirement. The Paris Court of Appeal must now rule again on whether Vincent Bolloré controls Vivendi within the meaning of Article L.233-3. The AMF’s Board will meet in the coming days to draw consequences for its 18 July 2025 decision, and the AMF stated it cannot decide again on the buyout offer obligation until the Court of Appeal has ruled on the existence of de facto control.