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Vivendi AGM backs plans for possible share buyback

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By Reuters
Vivendi AGM backs plans for possible share buyback
FILE PHOTO: Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, attends the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau/File Photo   -   Copyright  Charles Platiau(Reuters)

PARIS (Reuters) – Shareholders at Vivendi’s annual general meeting on Monday backed plans by the French media conglomerate for a possible share buyback that could give billionaire Vincent Bollore’s holding company greater control of Vivendi.

The Vivendi AGM also formally approved on Monday Vincent Bollore’s replacement on the board of Vivendi by his son Cyrille.

Bollore’s family holding company – Groupe Bollore – owns around 26 percent of Vivendi’s share capital and 28.5 percent of Vivendi’s voting rights.

(Reporting by Gwenaelle Barzic and Sudip Kar-Gupta; Editing by Leigh Thomas)