The Paris Court of Appeal has directed the French Financial Markets Authority (AMF) to reassess the split of Vivendi, following a dispute raised by minority shareholder CIAM. The court's decision underscores concerns over the rights of minority shareholders, asserting that Vincent Bolloré, through his control over the Bolloré group, effectively influenced Vivendi's decisions. This ruling marks a significant moment for minority shareholders, as it challenges the initial approval of the split by the AMF in November 2024.

Vivendi, however, has expressed confidence in the split's potential to create value for all stakeholders, highlighting the overwhelming approval of the plan by over 97.5% of its shareholders. The company argues that even without the Bolloré group's votes, the resolutions would have passed with a significant majority, demonstrating broad shareholder support. Despite the legal setback, Vivendi remains optimistic about the operational and stock market evolution of the four resulting entities: Canal+, Havas, Louis Hachette, and Vivendi SE.

The court's decision to refer the case back to the AMF for further examination of the split's implications for minority shareholders has been welcomed by CIAM. The activist fund, holding less than 1% of Vivendi's capital, has long contested the split's terms, arguing they disadvantage minority shareholders. This judicial intervention highlights the ongoing tension between corporate strategies and shareholder rights, particularly in complex restructuring scenarios.

As the AMF prepares to revisit the case, the outcome could set a precedent for how minority shareholder interests are protected in major corporate reorganizations. Vivendi's commitment to proceeding with the split, despite legal challenges, reflects its strategic vision for the future. However, the court's ruling serves as a reminder of the delicate balance between corporate governance and shareholder equity, a debate that is far from settled in the French financial landscape.