BRUSSELS (Reuters) – The European Commission will approve Vivendi’s acquisition of Lagardère after concessions the latter agreed to address competition concerns from the European Union (EU) executive, it has been reported. learned Wednesday from several sources familiar with the matter.
Vivendi has notably agreed to sell the publishing house Editis and the magazine Gala, respective competitors of Hachette and Paris Match, two Lagardère subsidiaries.
The European Commission, which must make its decision by June 14, declined to comment. Vivendi had no immediate comment.
Vivendi, controlled by businessman Vincent Bolloré, announced last year the takeover of Lagardère which should allow it to get its hands on the Journal du Dimanche and Paris Match.
The group is currently in negotiations with the Czech businessman Daniel Kretinsky to sell its publishing house Editis, the European executive having worried about too much concentration linked to a merger with Hachette.
Vivendi also offered to sell Gala in the face of fears from the competition authority for the press sector regarding a marriage with Paris Match.
(Foo Yun Chee report, Bertrand Boucey and Blandine Hénault, edited by Matthieu Protard)
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