Bolloré: lots of moving parts!

or when lots of things happen during the holidays! A very typical Bolloré move!

So as usual Vincent Bolloré likes to announce things during the holidays. It is a typical game plan for him (many moves have taken place during the summer and now during the Christmas holidays). I was often asked when will he annouce some things and I always answered: “ at the worst possible time!”. People will usually be less available, less focused, market participants are thinking about their holidays. But as investing is a passion it is always a pleasure for me to not be caught off guard. We could maybe call this the spirit of a goalkeeper which I was when I was younger.

What did we learn yesterday?

Bolloré is increasing his offer on the ex-rivaud entities. This increase is taking place before the second independent expert has published his report. There must have been some interesting discussions between the independent expert and Bolloré. I am impatient to read this second report as soon as it comes out.

Bolloré is now offering the following deals for the ex-Rivaud take outs:

• Cambodge: 110€ versus 93€ (+18,28%) for the cash offer.

  For the exchange offer, the parity is now 4,69 UMG (versus 4,07) shares for 1 Cambodge

• Moncey: 133€ versus 118€ (+12,71%) for the cash offer.

  For the exchange offer, the parity is now 5,67 UMG (versus 5,17) shares for 1 Moncey.

• Artois: 10 627 € versus 9 300 € (+14,27%) for the cash offer.

  For the exchange offer, the parity is now 453 UMG (versus 407) shares for 1 Artois.

Add to that that Compagnie de l’Odet is back at buying Bolloré shares.