The investment in Rubis is also intriguing given the overlap with the Bolloré energy business...
The Vivendi split will enable Bolloré to blast through the 30% levels at 3 split companies without requiring a mandatory bid, I think this is significant - given their history of slowly creeping up their stakes across their holdings this offers great opportunities. And who knows how they'll deal with the Vivendi remainco and its prized treasure: the big block of UMG shares...
I agree that the "stealth clearing" of the 30% hurdle is significant. At the same time I can imagine that Bolloré are doing the split because they may like one or two of the four parts more than the others so we may see them accumulate their stakes here (like you say the investment holding with the UMG stake). Also, at I can imagine one or two of the businesses (like Havas) becoming M&A targets for strategic investors relatively quickly.
In that respect, Vivendi itself might also be an interesting investment itself given different sources of demand for the various pieces. OTOH, tax aspects of the split may be tricky at least for some investors.
Yes. I would also recall that Vivendi has an authorisation for a 50% buyback offer (which could be realised in exchange for shares), valid until end of october...
The investment in Rubis is also intriguing given the overlap with the Bolloré energy business...
The Vivendi split will enable Bolloré to blast through the 30% levels at 3 split companies without requiring a mandatory bid, I think this is significant - given their history of slowly creeping up their stakes across their holdings this offers great opportunities. And who knows how they'll deal with the Vivendi remainco and its prized treasure: the big block of UMG shares...
Hello Graoully,
thank you for the feedback.
I agree that the "stealth clearing" of the 30% hurdle is significant. At the same time I can imagine that Bolloré are doing the split because they may like one or two of the four parts more than the others so we may see them accumulate their stakes here (like you say the investment holding with the UMG stake). Also, at I can imagine one or two of the businesses (like Havas) becoming M&A targets for strategic investors relatively quickly.
In that respect, Vivendi itself might also be an interesting investment itself given different sources of demand for the various pieces. OTOH, tax aspects of the split may be tricky at least for some investors.
Yes. I would also recall that Vivendi has an authorisation for a 50% buyback offer (which could be realised in exchange for shares), valid until end of october...