Vivendi (AO) | Buy | Court of Appeal rules in favour of Bolloré, ending the mandatory offer speculation

Research evidence excerpt

Vivendi (AO) | Buy | Court of Appeal rules in favour of Bolloré, ending the mandatory offer speculation

News comment

Release date: 09 July 2026

David Cerdan

Head of French Small/Mid Cap

+33 1 70 81 57 43

dcerdan@keplercheuvreux.com

Julien Rault

Equity Research Analyst

Buy +33 1 73 01 07 24Vivendi

jrault@keplercheuvreux.com

France | Holding companies MCap: EUR2.0bn

Target Price: EUR2.70 Bloomberg: VIV FP Reuters: VIV.PA

Current Price: EUR1.94 Free float 64.6%

Up/downside: 39.0% Avg. daily volume (EURm) 10.0

YTD abs performance -17.9% Market data: 08 July 2026

52-week high/low (EUR) 3.54/1.68

Court of Appeal rules in favour of Bolloré, ending the mandatory offer

speculation

Key points:

Yesterday, the Paris Court of Appeal ruled in favour of Bolloré SE.

The immediate implication is straightforward: Vivendi loses its speculative appeal, and Vivendi reverts to trading primarily as a

holding company whose value depends on the performance of its underlying assets, notably its 10% stake in UMG.

Discount to spot value has expended to 53%.

Unchanged TP based on KECH TPs on listed assets and 45% discount.

Favourable decision for Bolloré

Yesterday, the Paris Court of Appeal ruled in favour of Bolloré SE, rejecting all claims brought by activist fund CIAM and

concluding that Vincent Bolloré and Bolloré SE did not exercise de facto control over Vivendi within the meaning of French

commercial law. The Court therefore rejected the recommendation of the Advocate General and confirmed the interpretation

previously adopted by the French Supreme Court (Cour de cassation).

The ruling appears to adopt a relatively strict interpretation of de facto control. According to the Court, French commercial law