Lagardère SCA closer to joint-stock entity; no appeal against AMF decision

By Luke Barras-hill |

The proposed conversion is subject to obtaining an exemption from a tender offer from AMF together with the approval of the general meetings of the shareholders and the bondholders.

No appeal has been lodged against a decision by French financial markets authority’s Autorité des marchés financiers (AMF) not to launch a tender offer with respect to the conversion of Lagardère SCA into a joint-stock company, it has been announced.

Lagardère SCA confirmed in a statement yesterday (15 June) that it had received confirmation from the register of the Paris Court of Appeal.

The proposed transfer is now only subject to approval by the general partners and shareholders, whose general meetings will be held on 30 June.

As reported, Lagardere SCA’s bondholders approved the transfer of the company from a partnership limited by shares to a joint-stock entity last month.

The main shareholders Vivendi, Qatar Holding LLC, Amber Capital and Financière Agathe – which together with Arnaud Lagardère hold 75% of the company’s voting rights – have voiced support for the conversion.

 

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