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Earlier this week, a source familiar with the
matter had told Reuters Vivendi had made a bid worth 3.3 billion
euros ($3.50 billion) for Lagardere in recent weeks. French
magazine L'Express had also reported Vivendi's interest earlier
in April.
"There has been no offer for Lagardere by Vivendi and there will
not be one," Vivendi spokesman Simon Gillham said. "The
Lagardere Group is a good friend of Vivendi and has been for a
long time."
There is intense speculation about Vivendi's acquisition plans
because the group is sitting on a roughly 15 billion euro cash
pile after selling its French, Brazilian, and Moroccan telecom
operators, as well as its video game arm.
French billionaire Vincent Bollore, Vivendi's chairman and
leading shareholder, will have to decide the future direction of
the 160-year-old holding company.
He has spent 2.84 billion euros in the past month to almost
triple his Vivendi stake to 14.5 percent, tightening his grip on
the company, while also fending off a challenge from a U.S.
activist hedge fund that has been demanding higher dividends.
Bollore may give some hints about the group's plans at an annual
meeting of shareholders on April 17.
Vivendi has remained vague about its ambitions, saying only that
it wants to build itself into a stronger media company by
developing its Universal Music Group and pay-TV operator Canal
Plus, and by making acquisitions.
A deal with Lagardere would give Vivendi book publishing arm
Hachette, as well as radio stations including Europe 1 and
magazines like Paris Match. But the travel retail arm and sports
units are less of a good fit for Vivendi, analysts have said.
Arnaud Lagardere, whose father created the one-time
defense-to-media giant, would have to agree to any deal since
the company's structure has a built-in takeover protection.
Lagardere declined to comment.
Vivendi's CEO Arnaud Puyfontaine told the Financial Times on
Thursday that Vivendi was thinking about transformational
transactions but was not interested in buying European pay-TV
leader Sky <SKYB.L> or British broadcaster ITV <ITV.L>.
In a more modest deal, Vivendi is on track to buy an 80 percent
stake in video-sharing website Dailymotion from telecoms
operator Orange <ORAN.PA> for 217 million euros.
Vivendi shares closed up 1 percent to 24.13 euros on Friday,
giving the group a market capitalization of 32.3 billion euros.
(Reporting by Leila Abboud and Sophie Sassard; Editing by Jane
Merriman)
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