Bolloré: Oddo still a buyer

(CercleFinance.com) - Oddo asked several questions this morning: What if Odet became the controlling shareholder of Vivendi? What if Bolloré distributed its 29% stake in Vivendi to the future Compagnie de l'Odet?

This distribution could take place in one or more stages and pave the way for a public tender offer by Vivendi for several billion euros following the sale of all or part of its future 20% stake in UMG, the analyst says.


Oddo says the aim could be to make Odet the pivotal structure that would hold: 30% of Vivendi eventually and 63.4% of Bolloré.

This is obviously only a scenario, although the broker believes that it is possible, in the context of a simplification by February 2022, the analyst says.

In this context, Oddo reiterates its Outperform rating on Bolloré (target price of 5.2 euros - 25% upside potential) and Vivendi (target price of 34 euros - 19% upside potential).

It should be noted that this distribution of shares is currently impossible. Indeed, Bolloré's articles of association do not allow distribution in kind. They will therefore have to be amended, which could be proposed at the next AGM on 22 May, Oddo adds.


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