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Lagardere suing Vivendi over Canal+ France cash -report
February 12, 2013 / 9:51 PM / 5 years ago

Lagardere suing Vivendi over Canal+ France cash -report

PARIS, Feb 12 (Reuters) - Lagardere is taking Vivendi to court to demand that the media-to-telecom conglomerate return 1.6 billion euros ($2.15 billion) cash to its pay-TV operator unit Canal+ France, the daily Le Figaro reported in its Wednesday edition.

Vivendi owns 80 percent of Canal+ France, Lagardere the remaining 20 percent. The two companies had held talks previously about Vivendi buying Lagardere’s shares, but were unable to agree on a valuation.

Lagardere also attempted to list its stake in 2011, but abandoned the move because of market volatility.

Lagardere is asking a Paris court to void an agreement that allows Vivendi access to 1.6 billion euros of cash generated by Canal+ France and demand that the group return the funds to its unit, the newspaper said.

The court hearing is set for March 21, the newspaper said.

No one at Lagardere and Vivendi was immediately available for comment.

$1 = 0.7427 euros Reporting by Elena Berton; Editing by Leslie Gevirtz

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