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Keeping it in the family.
Vivendi, the media group controlled by billionaire Vincent Bolloré, has made an offer to buy Groupe Bolloré’s stake in communications company Havas — where Mr Bolloré’s son Yannick Bolloré is chief executive.
Vivendi said on Thursday after markets closed that it has made an offer to buy the 60 per cent stake that Groupe Bolloré — the French conglomerate headed by Mr Bolloré — owns in Havas at a price of €9.25 per share, which is a premium of 8.8 per cent premium over the closing price for Havas shares on Wednesday.
Vivendi said in a statement that the long-mooted acquisition “will allow Vivendi to accelerate its building of a leading world-class content, media and communications group and will ensure the newly created group a unique positioning in an environment in which content, distribution and communications are converging.”
The stake is worth €2.36 billion, according to the Wall Street Journal.
The announcement comes as Vivendi reported that its revenues grew 6.9 per cent during the first quarter to €2.7bn.