U.S. hedge fund criticises Vivendi over Bollore role

Reuters – U.S. hedge fund P. Schoenfeld Asset Management (PSAM) has accused French media group Vivendi of giving too much leeway to chairman and largest shareholder Vincent Bollore to boost his stake at “undervalued prices”.

PSAM, which says it owns 0.8 percent of Vivendi, is trying to rally other shareholders to vote for two resolutions at an upcoming annual meeting that would require Vivendi to boost returns to shareholders to 9 billion euros ($9.8 billion) after asset sales left it with a pile of cash.

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