Vivendi has landed in the Prisa group with the aim of making a long-term investment. The French media company will increase its investment to 10% of the publisher’s capital. The country and he will have a seat on the Board of Directors in a few weeks, as Invertia has been able to confirm with sources close to the company’s management.
Vivendi bought the HSBC shares that were put up for sale on Thursday in an accelerated placement procedure which gave it entry with more than 7.6% of the capital. However, the French media publisher plans to continue buying Prisa shares up to 10%, as a way to strengthen its position in the company.
Vivendi is a partner Amber’s strategic. In August last year, the two groups that accounted for 40% of Lagardère’s capital joined together to ask for more armchairs on the Board of Directors of this company.
In this way, Vivendi its sum to Amber already Telefónica to form a new hard core that will give Prisa peace of mind and shield her from attacks from possible hostile takeovers. Any interest of the Santander Bank and the former president Javier Monzon wanting to fight again for control of the editor of The country.
According to the sources consulted, with the arrival of Vivendi, a message is also sent to investors that the internal wars have ended and that work will be done on the management fast. Now it will be time to work on refinancing, on the corporate separation of Santillana and in the enhancement of the strategic assets of the company.
New Board of Directors
To reinforce this position, Vivendi will have an armchair on the board in the coming weeks, a new managing body with a majority of Telefónica and Amber after the appointment of Rosauro Varo and Javier Santiso at the end of last year.
Amber also has as representatives Fernando Martínez and Joseph Oughourlian which also replaced Monzón in the non-executive presidency of Prisa. In this way, the historical anomaly is corrected that Amber with 29.84% of the company had a low participation in the Board of directors.
Despite having 4.1% of the capital, Santander managed to maintain control of the Board of Directors thanks to the fact that it financed the last capital increase of important shareholders such as the Polanco or Mexican investors like Carlos Fernández.
Now Amber, Telefónica and Vivendi they will have control in the Board, but also a majority shareholder. Amber has 29.84%, Telefónica 9.1% and Vivendi 10%. In total, more than 50% of the company avoids any attack against this new management team, without having to depend on external funds or historical shareholders.
HSBC announced early this Friday that the accelerated placement of its shares in Grupo Prisa. The entity has managed to close the process by which it has offered a sale price of 0.93 euros per share. After this operation, HSBC will no longer have any titles within the media group.
Estimates of placement amount amounts to a total of approximately 52 million euros, as the company reported today to the National Securities Market Commission (CNMV). The number of shares sold in the placement is 55,890,336, which means 7.89% of the share capital of Prisa.