Vincent Bollore May Wield More Power at Vivendi After He's Gone
- Shareholders vote on buybacks that may increase Bollore stake
- Proxy advisers voice concern over governance as shares soar
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Billionaire Vincent Bollore will step out of the spotlight at Vivendi SA next week when he quits the board of the French media group. He may wield more power than ever behind the scenes.
The company plans to ask shareholders at their annual meeting to approve a plan to buy back and cancel as much as 25 percent of its stock. If Bollore doesn’t tender his shares, his family’s stake in the owner of Universal Music Group, advertising company Havas and pay-TV operator Canal+ could rise automatically from 26.3 percent to more than 30 percent.