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Vivendi SA Contests Lagardere SCA Claims

Wednesday, 13 Feb 2013 02:00am EST 

Vivendi SA announced that a complaint has been filed with the Paris Commercial Court by Lagardere Holding TV, a subsidiary of Lagardere SCA, a 20% shareholder of Canal+ France. Lagardere SCA claims that the cash management agreement concluded between Canal+ France and its parent company Canal+ Group, a 100% subsidiary of Vivendi, is null and void because it is a related party agreement that was not previously approved by the Supervisory Board. Lagardere SCA therefore demands restitution, under penalty, from Canal+ Group, of the entire cash surplus that Canal+ France has given over under the agreement – an amount of EUR 1,603,872,436. Vivendi formally denies the allegations of the Lagardere group as to the nature of this cash agreement, which is an ordinary course agreement under normal conditions, and which does not require prior approval from the Supervisory Board of Canal+ France. 

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