Paris court rules Vincent Bolloré does not control Vivendi, rejecting minority shareholder claims
The Paris Court of Appeal ruled on 8 July 2026 that Vincent Bolloré and his holding company do not exercise control over Vivendi, removing the prospect of a mandatory buyout that analysts had estimated at €6 to 9 billion.
The ruling
The Paris Court of Appeal on Wednesday rejected all claims brought by minority shareholder fund CIAM, ruling that Vincent Bolloré and Bolloré SE did not control Vivendi at the time of its 2024 break-up. The court found that control was not established, contrary to CIAM's assertions.
all of the claims brought by CIAM
Background of the dispute
The case stems from Vivendi's split into four separate entities at the end of 2024. CIAM, an activist fund, argued that the Bolloré family effectively controlled the conglomerate despite holding only 29.9% of shares, just below the 30% threshold that triggers a mandatory buyout offer under French law. A previous appeals court had ordered Bolloré to launch a buyout that analysts estimated at €6 billion to €9 billion, but France's highest civil court quashed that ruling in November 2025 and sent the case back for reconsideration.
Market reaction
Vivendi shares fell 10% by 0900 GMT on the day of the ruling, as the decision removed the immediate prospect of a cash buyout for minority shareholders. The earlier buyout order had been seen as a potential windfall for investors.
What the ruling means
The decision is a legal victory for Vincent Bolloré, who has been battling CIAM over the structure of his media and entertainment empire. For now, it eliminates the threat of a forced multi-billion-euro payout. The long-running dispute may not be over, as CIAM could potentially appeal further.
- Vivendi completes break-up into four entities.
- France's top civil court quashes earlier buyout order, sends case back to appeal.
- Paris Court of Appeal rules Bolloré does not control Vivendi, rejecting CIAM's demands.
