Lagardère plans to make its radio division autonomous


LAGARDERE S.A.

Lagardère plans to make its radio division autonomous | Photo credits: Flickr

(Updated with context, stock price)

PARIS, May 10 (Reuters) – Lagardère, which is the subject of an offer from Vivendi, announced on Tuesday that it was considering making its radio division independent by grouping these activities into a partnership limited by shares.

The group indicates in a press release that its board of directors will make a decision on this project by this summer.

Lagardère’s radio division includes Europe 1, Virgin Radio and RFM.

Last September, the media giant Vivendi concluded an agreement to take over the shares of the Amber Capital fund in the capital of Lagardère, an operation which enabled Vincent Bolloré’s group to increase its stake to 45% against 27% previously and to extend its influence in the French media landscape.

Vivendi has since launched a takeover bid for Lagardère shares at a price of 25.50 euros per share. The offer has been open since April 14.

Via a press release published by Lagardère on Sunday, Qatar Holding announced its intention not to sell its 11.52% stake.

On the Paris Stock Exchange, the Lagardère share price is unchanged at 24.98 euros. (Written by Matthieu Protard, edited by Jean-Michel Bélot)





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