Vivendi's demerger plan approved, Bolloré to become chairman
Pascale Paoli-Lebailly | 26-11-2013
Vincent Bolloré will become chairman of Vivendi following the company's demerger plan which has been approved by its supervisory board.
The group aims to become an international media group, bringing together brands in the production and distribution of original content.
Arnaud de Puyfontaine has been appointed senior executive vice president, media and content activities and will join the group in early 2014. He is currently CEO of Hearst Magazines UK and executive VP of Hearst Magazines International.
The demerger between media and telecoms assets could see the distribution of SFR shares to Vivendi shareholders on the day of the transaction. This would offer them the opportunity to invest in two separate entities listed on the stock market and valued according to the specifics of their respective sectors.
"The demerger plan would also offer SFR greater strategic autonomy to seize opportunities in a transforming market, reflecting the growing number of services and high speed broadband access in an environment with a huge increase in usage," the group explains.
The plan will be submitted to the relevant Works Councils and regulatory authorities. Details will be presented at a later stage as Vivendi aims to include it on the agenda of the next annual shareholders' meeting at the end of June 2014.
Until the completion of the demerger, Vivendi's management board, chaired by Jean-François Dubos, will comprise Jean-Yves Charlier, chairman and CEO of SFR, and Arnaud de Puyfontaine.