French Court Orders Retrial in Vivendi Ownership Dispute

France's top civil court overturned a ruling against the Bolloré family regarding Vivendi’s ownership, ordering a retrial and prolonging uncertainty over potential buyouts. The case, pivotal for corporate governance in France, hinges on defining control beyond voting rights, with significant financial implications at stake.

In a significant twist, France's top civil court has overturned a prior ruling against the Bolloré family regarding their control over Vivendi. This decision mandates a retrial, extending uncertainty over the family's potential obligation to initiate a buyout of minority shareholders.

The Cour de Cassation dismissed an earlier appeals court's determination of the Bollorés exercising "de facto control" post Vivendi's 2024 breakup. The retrial has been handed over to another Paris appeals court, leaving the question of a potential multi-billion-euro buyout unresolved.

The case has drawn significant attention from corporate France as it explores whether the court will adopt a perspective based solely on voting rights or a wider lens considering effective influence. The Cour de Cassation concluded that Vincent Bolloré's renowned influence didn't equate to control of Vivendi, contesting the appeals court's prior reasoning.

(With inputs from agencies.)