The investment fund Amber Capital would like to change governance at Lagardère with the support of former French President Nicolas Sarkozy.
The activist fund Amber Capital has indicated that it would like to shift position lines within Lagardère, with which it is engaged in a battle and in which it is one of the main shareholders.
As a result, it has turned to the former President of the Republic, Nicolas Sarkozy.
According to Amber boss Joseph Oughourlian, the former head of state shares “some of their opinions” on the management of the Lagardère group, which in turn benefits from the support of Bernard Arnault, CEO of luxury goods giant LVMH.
Indeed, Joseph Oughourlian is said to have “had a dialogue” with the former head of state, and “it is a dialogue that brings hope“. he explained on BFM Business. “I have the feeling that he shares some of our views on the fact that things have to change in society (Lagardère), that governance cannot remain as it is, and that if this society has a future (…) things have to change“.
At the same time, Nicolas Sarkozy has been a member of the Lagardère Group’s Supervisory Board since February 2020.
Until now, he had supported Arnaud Lagardère in his efforts to remain at the helm of the group.
Amber and the French media giant Vivendi, who are now allies, together represent nearly 44% of Lagardère’s capital and 30% of voting rights.
In addition to a new governance of the company controlled by the general partner Arnaud Lagardère, they are calling for an extraordinary general meeting of the group and the departure of three members of the supervisory board: former SNCF boss Guillaume Pepy, the CEO of video game publisher Ubisoft Yves Guillemot and the chairman of the board Patrick Valroff.
Arnaud Lagardère, son of the founder of the Jean-Luc Lagardère group, recently obtained a four-year renewal of his mandate as manager of the group, in which he holds a 7% stake.
The boss of Amber had then denounced a decision taken “on August 17” and a supervisory board “which kneels before the general partner (Arnaud Lagardère, editor’s note) and renews it after a disastrous management for the company for 17 years, it is true that the urgency is great“.
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