Cyrille Bolloré, the son of French media mogul Vincent Bolloré, right now (July 28) resigned from his place on Common Music Group‘s board with rapid impact.
Outdoors of his non-executive directorship on UMG’s board, Cyrille Bolloré serves because the Chairman and Chief Govt Officer of France’s Bolloré Group.
An investor replace from UMG issued right now mentioned that Bolloré was standing right down to “focus his time and vitality on the Bolloré Group”.
It added: “Mr. Bolloré stays strongly supportive of UMG´s administration workforce and technique.”
It’s no nice shock that Bolloré Jr. and Sr. could also be moderately busy proper now: France’s equal to the SEC – the AMF – dominated final week that the Bolloré Group has to make a public tender provide for Vivendi shares it doesn’t personal within the subsequent six months.
The transfer might doubtlessly delist Vivendi from the general public markets.
In line with Bloomberg, despite the fact that Vincent Bolloré formally owns lower than 30% of Vivendi, “A Paris courtroom in April discovered that the French businessman successfully controls Vivendi by his Bolloré SE holding firm and controls the choices made at its shareholders’ conferences.”
The Bolloré Group introduced right now that it will be interesting the AMF’s resolution.
Cyrille Bolloré’s departure from UMG’s board follows that of Invoice Ackman, who resigned his non-exec place in Could.
In line with its web site, The Bolloré Group owned an 18.5% stake in Common Music Group on the shut of 2024.
As well as, it held 29.3% of Vivendi, which, in flip, owned roughly 10% of UMG’s issued share capital, in line with Common’s newest annual report.
This means that, through the Bolloré Group, Vincent Bolloré controls round 21.4% of Common’s share capital.
An replace from UMG in its annual report for 2024 confirmed that Vivendi SE had a capital curiosity of 14.59% in UMG as of December 10, 2024.
Nonetheless, that very same observe confirmed that on December 10, 2024, Vivendi “notified a brief place of 4.65% on account of its entry right into a ahead sale”.
The annual report additional confirmed that 4.65% of Vivendi’s 14.59% capital curiosity in UMG “represents a possible capital curiosity… on account of its entry into an fairness swap”.
Vivendi is the earlier proprietor of Common Music Group.
The music firm was ‘spun out’ onto the Paris Euronext in 2021, with Vivendi sustaining a 10% possession stake.
Aside from Vincent Bolloré / The Bolloré Group, Common Music Group’s largest shareholder is a consortium led by China’s Tencent Music and Tencent Holdings (‘Concerto Companions’) which owns round 20% of UMG.Music Enterprise Worldwide
