Some reports are clearer than others. That of Secafi Alpha, the firm mandated for “information consultation” by the social and economic committee (CSE) of Editis, submitted Thursday, March 2, on the scheme for the sale of the number two French publisher planned by its parent company Vivendi , has the merit of saying things bluntly. The group hopes with this sale to obtain the green light from the authorities of Brussels to definitively control Lagardère, thus Hachette, the number one hexagonal of the edition.
First of all, “the sale of Editis via the stock market listing of the majority of its capital does not correspond to the scheme desired by the group’s employees and their representatives”, say the authors of the report, Luc Berard de Malavas and Adrien Signoretto. Second: “The analysis of the risks and opportunities linked to this project shows that the operation does not present any major advantage for the company or its employees. » Here are the potential buyers of Editis (Plon, Robert Laffont, Julliard, Nil, etc.) notified.
This message is intended for the three candidates still in the running: the Canadian Quebecor, the Reworld press group and the trio made up of billionaire Daniel Kretinsky (indirect shareholder of the World), Stéphane Courbit – who risks a conflict of interest, since Vivendi owns 19.9% of his listed group FL Entertainment – and Pierre-Edouard Stérin, tax exile in Belgium and traditional Catholic who made his fortune thanks to Smartboxes. The group, which publishes its annual results, Wednesday, March 8, could take the opportunity to announce the name of the buyer of Editis or the two candidates selected before its final choice.
“A long-term industry”
The conclusions of the report should also challenge the seller. Vivendi wants to sell to a reference shareholder the 29.6% that Vincent Bolloré holds in Editis, while listing the latter on the Euronext Growth market. At the same time, it would distribute Editis shares to its own shareholders, in proportion to those they already hold. This choice of a “listing distribution” already used for Universal Music Group would avoid a “cash outflow” for Vivendi shareholders, who would receive a dividend in the form of shares in the listed subsidiary.
Secafi Alpha ensures that Vivendi preferred a listing on Euronext Growth and not on Euronext Paris, “mainly for the possibility offered to the buyer to increase up to 50% of the capital without having to trigger a takeover bid” (unlike the 30% threshold for Euronext
Paris). Legislative constraints are relaxed. For example, the presentation and validation of executive compensation at a general meeting is not necessary.
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