Lagardere Supervisory Board Rejects Amber, Vivendi Call for Extraordinary Meeting
September 01 2020 - 1:22AM
Dow Jones News
By Olivia Bugault
Lagardere SCA said late Monday that its supervisory board
rejected the request to hold an extraordinary general meeting made
by Vivendi SA and activist investor Amber Capital as the two
companies seek minority representation on the board.
Lagardere's supervisory board considered that the legal
conditions required to call for a meeting weren't met, the French
media group said.
"Accordingly, it has a duty to preserve the group in a
particular context where one of the shareholders requesting the
meeting is a direct competitor of Lagardere Publishing," the
company said, adding that "it noted that the last general meeting
was validly held on 5 May 2020, after several months of intense
debate about the Group's governance, and that there is no
legitimate motive to urgently call a further general meeting."
Lagardere said the board has decided to open a dialogue with
Vivendi--which holds 23.5% of Largardere--, and Amber Capital, the
second largest shareholder with 20% of the share capital.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
September 01, 2020 02:07 ET (06:07 GMT)
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