By Olivia Bugault

 

Lagardere SCA said late Monday that its supervisory board rejected the request to hold an extraordinary general meeting made by Vivendi SA and activist investor Amber Capital as the two companies seek minority representation on the board.

Lagardere's supervisory board considered that the legal conditions required to call for a meeting weren't met, the French media group said.

"Accordingly, it has a duty to preserve the group in a particular context where one of the shareholders requesting the meeting is a direct competitor of Lagardere Publishing," the company said, adding that "it noted that the last general meeting was validly held on 5 May 2020, after several months of intense debate about the Group's governance, and that there is no legitimate motive to urgently call a further general meeting."

Lagardere said the board has decided to open a dialogue with Vivendi--which holds 23.5% of Largardere--, and Amber Capital, the second largest shareholder with 20% of the share capital.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

September 01, 2020 02:07 ET (06:07 GMT)

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