Media & Telecom

Vivendi shareholders approve contested share buyback and cancellation program

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French media giant Vivendi's logo is pictured in Paris, France, August 12, 2020. REUTERS/Charles Platiau/File Photo

PARIS, June 22 (Reuters) - Shareholders of French media giant Vivendi (VIV.PA) approved on Tuesday a contested proposal that allows group to buy back and cancel shares for up to 50% Vivendi's capital.

The proposal received more than 73% of votes in favour at the company's annual shareholders meeting. Proxy advisors Glass Lewis and ISS had recommended to vote against the resolution, as well as activist fund Bluebell Capital Partners.

Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta

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