September 15, 2021

PARIS (Reuters) – French media conglomerate Vivendi said on Wednesday it had agreed to buy Amber Capital’s 17.9% stake in Lagardere, adding to its own holding and putting it in position to launch a takeover offer for the owner of Paris Match.

Vivendi already owns 27% of Lagardere, and its stake will pass the 30% threshold at which it is obliged to launch a bid.

The French company said in a statement that buying the Lagardere stake could take until December 2022, as it is conditional on approvals, including from European regulators, but that it would launch a takeover offer once it was completed.

(Reporting by Sarah White and Gwenaelle Barzic; Editing by Alexander Smith)