Prisa reported that the government has given permission to French giant Vivendi to exceed its 10% stake in the El País and Cadena Ser publishing company. The operation will be carried out “through the conversion of all liabilities”. The French group has a Spanish company.
The company explained in a document sent to the CNMV that “the conversion of the bonds subscribed by Vivendi will increase its share in Prisa to 10.9% in the final scenario of the total conversion of all bonds. Said participation will reach a temporary maximum of 15% if Vivendi was the only subscriber to exercise the voluntary conversion right.”
The amount of the conversion operation is 130 million euros. Broadcasting started on May 1, 2023 and will end on May 10, 2023.
In 2021, Vivendi asked the government for permission to increase its stake in Prisa Group from 9.936% to 29.9%, within the limit that would have forced it to launch a 100% bid.
Vivendi entered the equity of the owner of SER, or Los 40 Principales, last January with an initial purchase of 7.6%, after it acquired the participation of the British bank HSBC, an operation that was reported by this newspaper.
The French entertainment and telecommunications giant’s entry into the Spanish media group has strengthened Amber Capital’s position in the battle for control of the company against Santander Bank. Vivendi, controlled by prominent businessman Vincent Bolloré, is in a battle for control of its French rival Lagardere. After agreeing to buy Amber Capital’s stake in the French company, the Oughourlian fund, which is Prisa’s largest shareholder, Bolloré’s company will launch a bid for 100% of Lagardère’s capital.
Source: El Diario