BRUSSELS (Reuters) – The European Commission on Friday cleared Vivendi’s takeover of Lagardère after concessions the latter agreed to address concerns the EU executive has over competition, particularly in the book sector.
The decision was expected, Vivendi having notably agreed to sell the publishing house Editis and the magazine Gala, respective competitors of Hachette and Paris Match, two subsidiaries of Lagardère.
Vivendi announced on April 24 that it had entered into a purchase agreement with International Media Invest (IMI), the company of Czech businessman Daniel Kretinsky, for the sale of Editis.
In a press release published Friday after the announcement of the green light from the European Commission, the group controlled by Vincent Bolloré affirms that, for its part, Gala “is already the subject of many expressions of interest”.
“Vivendi is confident of being able to finalize these two operations by the end of October,” he adds.
The takeover of Lagardère should allow Vivendi, already owner of Canal Plus, to get its hands on Europe 1, the Journal du Dimanche or even Paris Match.
“The European Commission’s decision is excellent news for Vivendi, which will be able to carry out its ambitious development project with the Lagardère group,” said Yannick Bolloré, Chairman of Vivendi’s Supervisory Board. “This merger will respond to our strategic ambition to internationalize our activities and our desire to be a leading global player in culture and entertainment.”
(Written by Jean-Stéphane Brosse, edited by Bertrand Boucey)
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