The tone rises between Vivendi and the US fund PSAM – Boursorama

THE MONTE TON AND BETWEEN VIVENDI AMERICAN FUNDS PSAM

PARIS (Reuters) – The tone rises between the French Vivendi group and one of its shareholders, the US fund PSAM, the first brandishing the threat of a potential action justice and the second alleging intimidation.

The investment fund P. Schoenfeld Asset Management (PSAM), which owns approximately 0.8% of the communication group’s capital, demanding the distribution of special dividends totaling nine billion euros to boost a title he considers undervalued.

He tries to convince other investors to support his application, an initiative denounced by Vivendi in a letter Friday PSAM.

The French group, parent company Canal +, estimated This attempt to rally other shareholders would defeat of the French law which states that the share capital of a TV company can not be held more than 20% of non-European foreigners.

“To the extent that it would appear that your capital exceed detentions are, directly or indirectly, with third parties with whom you would associate, the above threshold of 20%, you could expose the company to a very serious injury and we would see the obligation to assign you promptly before the court for the purpose of obtaining compensation, joint and several, “he wrote in the letter.

The amount of the compensation would be 5 billion to 9 billion, “according to a first analysis of a consulting expert,” he adds.

The US fund, which joined Vivendi’s capital in July 2012, is the largest shareholder to openly challenge the strategy of the media group from the arrival at the head of the billionaire entrepreneur Vincent Bollore, Chairman of the Supervisory Board.

The Bolloré Group has increased its stake to 10.20% in the capital of Vivendi this week.

In a letter in response to the letter of Vivendi, PSAM has denounced an attempt at intimidation.

“We have received a letter whose purpose seems to be to us intimidate, “the CEO of PSAM Peter Schoenfeld. “We consider that this attitude is totally unacceptable.”

(Marine and Ingrid Melander Pennetier, edited by Eric Faye)

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