Lagardère to launch legal action against Vivendi, Groupe Canal+

In its capacity as a Canal+ France shareholder, Lagardère has summoned Vivendi and Groupe Canal+ (hereinafter referred to as the Vivendi group) to appear in the Paris commercial court on 21 March, 2013, for the purposes of obtaining a restitution from the Vivendi group to Canal+ France of its cash, which amounted to close to €1.6 billion on 30 November, 2012.

Lagardère says that it believes that the Vivendi group is making permanent use of Canal+ France’s entire cash surplus under a cash management agreement, the legality of which Lagardère contests.

The plaintiff believes that this action is necessary to defend Canal+ France’s corporate interests.