US News Vivendi: The Third Point Fund enters
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While the Third Point Fund would hold a "substantial" share of Vivendi's capital, according to Bloomberg, the giant of entertainment says. Do not dispose of "no information on this" allowing him to "confirm this rumor".
Vivendi evolves little on the Paris Stock Exchange, while Bloomberg said yesterday that the Third Point Fund would hold a "substantial" share of capital. The exact amount of its participation remains unknown but, according to the press agency, citing anonymous sources close to the file, the new York-based speculative fund would hold it "for several months". An more actor in what looks more and more like a battle to take control of the conglomerate of the media. Third Point refused any comment. For its part, a spokesman for Vivendi said "no information on this" allowing him to "confirm this rumor".
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These new revelations then intervene as Vivendi must approve at its next General Assembly of 22 June the draft split on its subsidiary Universal Music Group (UMG), by redistributing 60% of the shareholders of the Group. At the same time, Vincent Bolloré is negotiating with the billionaire SPAC Bill Ackman, Pershing Square Tontine Holdings, to give it 10% of the musical label. Between the end 2020 and beginning 2021, a Consortium led by Tencent had already acquired 20% UMG twice.
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The Third Point Fund, led by Billionaire Dan Loeb and who held $ 17.3 billion in assets under management at May 31 through its London Third subsidiary Point Investors Ltd, would also be potentially interested in acquiring the 10% UMG that wants to live in Vivendi, says Bloomberg. A fragmented redistribution strategy, thanks to which Vivendi hopes to draw the maximum of the IPO of his nugget, scheduled for September 27 at the latest in Amsterdam, but who did not fail to grind teeth. Indeed, minority shareholders of the media giant, who also want to grop some of the cake, have manifested in recent weeks to criticize this strategy.
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The Bluebell Capital Fund based in London, favorable on the principle of the separation of UMG, considers that the conditions of its IPO are not favorable to the small shareholders and requests the payment of an exceptional dividend of 2.8 euros. By action, about 3.3 billion euros in total. He subsequently wrote to the AMF to request an investigation into the information actually disseminated on the project.
on its side, the American Asset Manager Artisan Partners put forward the Made that the fragmented sales of the Musical Label shares is a "sub-optimal allocation" of the capital, and that the distribution of 60% of the titles to the shareholders in the form of an exceptional dividend is not effective tax. "Pilling a tax burden on the shareholders of Vivendi through the split process is not attractive," said David Samra, Portfolio Manager at the 11th Vivendi Shareholder, with 1.45% of the Shares at March 31st. 2021.
With a potential valuation of 35 billion euros, included debts, UMG represents a bargain for many investors. But some of them, like Bluebell, fear that Vincent Bolloré uses the benefits of this IPO to increase his hand-put on Vivendi. Dan Loeb, famous strategist, did not specify what was his project for Vivendi, but a discount of the conglomerate after the split of UMG would be a good opportunity for him to obtain more, by asking for example the assignment of Other cost-effective assets.
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