Vivendi: Oddo reiterates its opinion after the new executive board


(CercleFinance.com) – Vivendi announced yesterday that its supervisory board had appointed a new executive board as of June 23. Arnaud de Puyfontaine remains chairman. The composition of the executive board changes and only one current member, Frédéric Crépin, remains.

‘We note that the new composition of the management board is much more operational and closer to the group’s businesses. We also note that the members historically close to the Bolloré group are leaving the body’ indicates Oddo.

‘ The creation of an executive committee also confirms this desire for a much more operational and less corporate role. This type of change probably illustrates a change in philosophy at Vivendi with the desire to focus the company more on its businesses and synergies’.

Oddo believes that this could possibly confirm the idea of ​​an eventual merger between Bolloré and Vivendi.

In this perspective, Oddo reiterates its outperformance opinion on Vivendi with an unchanged price target of €13.6.

The analyst also points out that the Compagnie de l’Odet acquired 8.3 M Bolloré shares on May 13 at an average price of 4.75 E. In four days, it is thus 23.3 M shares which were acquired for a cash outflow of 108 ME.

‘In any case, Compagnie de l’Odet seems to want to increase its share in Bolloré with a view to a possible securities transaction (merger with Vivendi)?)’ adds Oddo.

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