It just isn't a massive shock that activist joseph oughourlian did not convince lagardre investors to back their proposals the french publishing and retail team. dismissing the whole board and overturning the structure that grants leader arnaud lagardre near total control were constantly committed demands.
Their failure left lagardre free to return to its old techniques. on monday, it announced the purchase of lagardre studios for 100m. offering assets outside the core writing and vacation retail companies is the groups go-to move for a long time.
Lagardres commandite par actions construction enables mr lagardre near total control via a 7 per cent share inside listed equity. mr oughourlian and his fund amber capital, which hold 18 % of stocks, blame poor performance regarding commandite and also the immunity supplied to mr lagardre. stocks in lagardre have dropped above 50 percent before 36 months.
The arrival of billionaires vincent bollor and bernard arnault could indicate that dramatic modification remains possible. mr bollor was creating a 16 percent share when you look at the public business through their vivendi news group. lvmh owner mr arnault is injecting cash into mr lagardres personal holding company.
Nevertheless techniques tend to be extensively seen as the french elite visiting the aid of among unique. mr arnault had been an in depth buddy of mr lagardres daddy jean-luc. mr bollor is a pal of previous french president nicolas sarkozy, who was appointed to lagardres board final thirty days.
This doesn't mean lagardres ceo can unwind. mr bollor voted against mr oughourlian and ambers proposals. but lagardres hachette publishing possessions would fit well into his vivendi empire. the financially insignificant but politically essential games, such as for example glossy magazine paris match and sunday newspaper le journal du dimanche might also interest mr arnault, which is the owner of newsprint les echos. if both have a watch on these trophy assets after that a future struggle for control cannot be ruled out at this time.
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