By Florence Loeve, Leo Marchandon and Gianluca Lo Nostro
(Reuters) -France’s highest civil court heard arguments on Tuesday in a legal dispute that could require the billionaire Bolloré family to buy out minority shareholders of Vivendi for several billions of euros.
Vivendi’s lawyer Alain Benabent argued that the appeals court had “exceeded its powers”, while Bolloré’s lawyer argued that it had wrongly broadened the interpretation of control beyond majority voting rights, urging the Cour de Cassation to adhere to a narrower reading of French corporate law.
“The Bolloré group does not control Vivendi” he stated, downplaying the personal influence of Vincent Bolloré.
Although Bolloré SE directly owns only 29.9% of Vivendi, the Paris Court of Appeal ruled in April 2025 that the family exercised effective control of the company due to their larger influence over it, and that the treasury shares of Vivendi should be counted as theirs, surpassing the 30% threshold.
Minority shareholder CIAM, an activist fund opposing Vivendi and Bollore, countered with calls by its legal counsel Patrice Spinosi for a “realistic and practical” standard for determining corporate control. Spinosi urged the court to more strictly scrutinise shareholder strategies that respect legal thresholds in appearance while circumventing their effectiveness.
Bolloré’s side is pushing the court to dismiss the case without sending it back to a lower court, while CIAM warned the Cour de cassation against such a decision.
CIAM told Reuters last week that it would escalate the case to the European Court of Human Rights if the court rules against them and does not send it back to a lower court.
Bollore’s representatives and Vivendi declined to comment on the case.
France’s financial regulator, the Autorité des Marchés Financiers (AMF), chose not to provide observations on the case to the court.
The court’s advocate general, whose recommendations are influential but non-binding, advised overturning the appeals court’s decision. The Cour de Cassation’s ruling, expected on Friday, could set a landmark precedent for corporate governance in France.
A decision against Bolloré SE could result in a compulsory buyout of Vivendi’s minority shareholders, straining the finances of the family business as it shifts focus from logistics to media assets.
JPMorgan analysts have estimated a 35% chance of a mandatory buyout being imposed and said Bolloré might consider launching a voluntary offer if the court rules in its favour.
(Reporting by Leo Marchandon and Gianluca Lo Nostro in Gdansk, Florence Loeve in Paris; Editing by Matt Scuffham)
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