Following ECGS client request, Proxinvest team wrote a note about the acquisition of Havas by Vivendi which questions the financial and strategic aspects.
More generally, observers and investors questioned why this marriage was not subject to a shareholder vote. Indeed, in French Law, despite the significant change in Vivendi assets, shareholders are not invited to vote as long as the acquisition is paid in cash (no issuance of new shares). In 2015, the French Financial Authority (AMF) launched a consultation on the sales of assets and it was recommended to hold a consultative vote in such asset sale if the assets are deemed significant (>50%). Proxinvest recommended and still recommends to align the French rules with the UK Premium listing rules and that accordingly a binding vote of the general meeting of shareholders occurs before the adoption of any sale or acquisition of a significant asset. In such vote, a shareholder being a related-party involved in the transaction should not take part to the vote.
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