Vivendi: Oddo still a buyer

(CercleFinance.com) - Oddo believes that a public offer by Bolloré for Vivendi could well occur.

This could be preceded by an NCIB(Vivendi buying back its own shares), although not necessarily so.

The analyst says that Bolloré's aim would be to maximise its stake in Vivendi and take advantage of the current significant discount (37%e).
As such, Oddo reiterates its Outperform rating on Vivendi shares, maintaining its target price at 14 euros.

The broker believes that such an outlook is credible for two reasons: 1/ it would allow Bolloré to strengthen its position in Vivendi and take advantage of the current significant discount (37%); 2/ it would also enable Bolloré to ensure its control over Vivendi, it adds.

The analyst believes that Vivendi could very well use the authorisation that it has had since the 2021 AGM and first announce an NCIB (up to 50% of the capital). Bolloré would then exceed the 30% threshold and would have to launch a public offer for the remaining capital.

Oddo says that this could occur in the next few weeks or months.


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