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Link to Original French Article : { http://bit.ly/1gwuZOC}
Colette Neuville asked Jean-René Fourtou more transparency on both offers.
She also wants Vivendi shareholders can express their opinion in general meeting.
New episode in the series from the sale of SFR by Vivendi. Colette Neuville, president of Adam (Association of Defence of minority shareholders ) up to the plate. It was commissioned by Jean-Charles Mériaux, Chief Manager DNCA Finance, which has invested its customers 300 million euros. The latter, which has suddenly, a little over 1% of the capital, "Vivendi wants to take the best decision for the shareholders."
Perplexity of shareholders
March 20, Colette Neuville wrote to Jean-René Fourtou, Chairman of the Supervisory Board of Vivendi asking for more transparency on both offers. "Shareholders are puzzled by the fact that the Council has made its decision at the end of a meeting just three hours, two days after the submission of tenders. And even though, it is easy to see that the part payment in cash provided by Numericable is slightly higher than (the first offer of Bouygues, Ed) Bouygues, the party titles is very difficult to assess " , she says in her letter.
She asked not only to be communicated elements relating to the valuation of the two offers, but also to submit to a general meeting . This application is not running. French law does not require such a device (unlike Anglo-Saxon law, which provides that whenever there was a cessation of essential assets, shareholders vote). Colette Neuville protested against the way the dichotomy in treatment between the shareholders of a controlled more than 40% (which in this case can be a company buyout offer ) and those of a non-company controlled (which do not have that exit). A great opportunity for her to develop the securities laws.
Strong pressure from the president of the Adam
If she does not get the required transparency, the president of the Adam plans to enter the commercial court to request the appointment of an expert. Nobody knows if Colette Neuville go that far. It is clear in any case it puts pressure on the chairman of the Supervisory Board of Vivendi and other members, who may fear that their subsequent responsibilities are implicated. Especially since Bouygues has since put on the table an offer even better bidder.