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Vivendi offers fresh remedies in bid to secure EU okay for Lagardere buy

Published 05/04/2023, 15:27
Updated 05/04/2023, 15:35
© Reuters. FILE PHOTO: The logo of French media giant Vivendi is seen in Paris, France, January 31, 2022. REUTERS/Violeta Santos Moura

By Foo Yun Chee

BRUSSELS (Reuters) - French media conglomerate Vivendi (EPA:VIV) has offered fresh remedies in an attempt to address EU antitrust concerns about its takeover of Lagardere, a European Commission filing showed on Wednesday.

The EU competition enforcer last year warned that the deal may reduce competition across the entire book value chain in French-speaking countries in Europe, and also hurt a segment of magazine publishing in France.

The Commission, which did not publish details of the remedies in line with its policy, will seek feedback from customers and rivals before deciding whether to accept Vivendi's proposal.

Last month Vivendi said it was in talks to sell its publishing division Editis to a company owned by billionaire Daniel Kretinsky to allay EU antitrust worries.

The company had in December last year offered remedies which were deemed inadequate.

The Commission will decide by June 14 whether to accept the latest concessions or block the deal.

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