After the CEO’s ouster, we wonder at Hachette Livre

The fate of Arnaud Nourry, CEO of Hachette Livre, seemed sealed since he had displayed his disagreements with his shareholder. However, his ouster, decided on March 29 by Arnaud Lagardère, under pressure from Vincent Bolloré – the largest shareholder, through Vivendi, of the Lagardère group – hits the world number three in publishing like a cluster bomb. .

In an open letter of rare virulence, the employees challenged their shareholder by a “Hey! Arnaud Lagardère, where are you? ” and gave him: “Your silence for a year gives us the impression of the end of the course”, before denouncing his “Lack of strategy”. The employee representatives on the group committee, all unions combined, defend Arnaud Nourry, who “Pays for its recent positions against the prospect of dismantling.” A perspective which, unfortunately, is taking shape: nothing seems to stand in the way of the shopping that Vincent Bolloré dreams of doing within Hachette to fill the basket of his subsidiary Editis ”, they claim.

“No question of dismantling”

While capital discussions are going well between Vincent Bolloré, Bernard Arnault – CEO of LVMH – and Arnaud Lagardère (heavily in debt but impregnable thanks to the limited partnership which locks the capital), the employees of Hachette ask the latter: “The group you are leading will[-t-il] to be sacrificed on the altar of restoring your personal financial situation? “ Arnaud Lagardère would be ready to end his limited partnership for 270 million euros, while the Breton businessman would offer him 200 million. “What pact are you making with the predators making circles over our heads?” “, still question employees.

The new CEO of Hachette Livre, Pierre Leroy, faithful among the faithful of Arnaud Lagardère, replied to them, in Point, he “There was absolutely no question of dismantling or selling Hachette” and denied any “Discussion” or “Reflection in this direction with Editis”. Appointed on a provisional basis, he promised them, by mail, “Further development” from Hachette.

In this capitalistic domino, another hypothesis seems to be under study. Editis would not eat Hachette Livre as the employees fear. Vincent Bolloré should quickly put an end to Arnaud Lagardère’s sponsorship, thanks to a check the amount of which would be negotiated before the general meeting of the Lagardère group, scheduled for June 14. Even if it means leaving, for a given period, an important position to Arnaud Lagardère. In the longer term, until the other pole of the group – made up of train station and airport shops – emerges from the pandemic slump, the owner of Vivendi – already an ally of Amber Capital – would do everything to consolidate his hold on the group. Lagardère. In particular, by appointing managers responsible for increasing its profitability. It remains to be seen whether it will end up launching a takeover bid, which would force Vivendi, for reasons of competition, to sell part of its assets to Editis or Hachette, in school publishing, or even in distribution. The two publishing groups could remain, as they do today, competitors. Some observers believe that Hachette Livre will sketch Editis…

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