October 16, 2012 / 5:45 AM / 5 years ago

Billionaire Bollore ups stake in Vivendi, to join board

PARIS (Reuters) - Billionaire Vincent Bollore’s holding group said it had upped its stake in France’s Vivendi to 5 percent, from 4.41 percent at end-September, paving the way for the tycoon to sit on the media conglomerate’s supervisory board.

Vivendi is in the midst of reviewing its strategy and portfolio of businesses in a bid to boost its stock price.

Bollore said in a press release it held 66 million shares, or 5.01 percent of Vivendi, at October 10. It had said on September 27 that it owned 4.41 percent following the disposal of the Direct 8 and Direct Star television chains to Vivendi.

Vivendi issued a statement in response, proposing that Bollore join its supervisory board.

“Confirming what I declared at the shareholders’ meeting on April 19, 2012, we will propose that Vincent Bollore joins Vivendi’s supervisory board,” Chairman Jean-Rene Fourtou said.

Reporting by Lionel Laurent

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