1 week ago
Cyrille Bolloré, Chair and CEO of nan Bolloré Group, has encouraged Universal Music Group (UMG) guidance to reject a $64.4B connection from Bill Ackman’s Pershing Square.
Speaking astatine nan Bolloré Group AGM successful Paris connected Wednesday, Bolloré said he believed nan connection undervalued nan institution and besides questioned whether Ackman’s guidance style suited nan euphony group.
The Bolloré Group tin veto nan deal. It owns an 18.4% liking successful UMG, while Vivendi, successful which nan group has a 29.3% stake, owns 13.4% of nan euphony group
“We judge nan value is perfectly not precocious enough” said Bolloré, successful nan first nationalist comments from nan group since nan Pershing Square connection was made successful April.
“I don’t cognize whether he is compatible pinch nan guidance of this society,” added Bolloré. “In immoderate case, he is much abrupt, much rapid.”
Bolloré, who is nan boy of logistics and media mogul Vincent Bolloré, held a non-executive position connected nan UMG committee until July 2026
He resigned nan position to attraction connected nan Bolloré Group, but said a merchandise announcing his stepping down said that he remained supportive of UMG´s guidance team.
Bolloré’s comments will beryllium a rustle to Ackman’s bid to return power of nan legendary euphony group. As he launched his bid successful April, nan billionaire hedge money head his first telephone had been to nan Bolloré family up of announcing his offer.
