France's High Court Overturns Vivendi Ruling, Orders Retrial

France's top civil court overturned a previous ruling concerning Vivendi's ownership, necessitating a retrial to determine if the Bolloré family exercises de facto control. The case examines whether influence, beyond direct voting rights, can mandate a buyout of minority shareholders by the billionaire family.

France's highest civil court, the Cour de Cassation, has overturned a previous ruling against the Bolloré family regarding their control over Vivendi, ordering a retrial in the ownership dispute.

The appeals court initially determined that the family exercised de facto control despite owning only a minority stake, based on board representation and operational influence. This has left Corporate France keenly watching the court's interpretation of control.

The Cour de Cassation's decision challenges the notion of broader control definitions, insisting that majority voting rights should not be the sole criterion. Vincent Bolloré, head of Compagnie de l'Odet, and his family's roles in the group are central to this complex case.

(With inputs from agencies.)