Cour de cassation Favors Vincent Bolloré in Vivendi 'Contrôle de Fait' Legal Dispute

On November 28, 2025, the Cour de cassation ruled in favor of Vincent Bolloré regarding accusations that he exercised "contrôle de fait" (de facto control) over Vivendi during the company's 2024 split. The court instructed the Paris Court of Appeal to reassess the matter, noting that the previous ruling did not correctly apply commercial law.

Earlier in April, the Paris Court of Appeal had determined that Bolloré did exert de facto control over Vivendi at the time of its division, potentially obligating him to compensate minority shareholders by acquiring their remaining shares—an amount that could reach several billion euros. However, the Cour de cassation criticized the appellate court for basing its conclusion on a "faisceau d’indices," including Bolloré’s reputation and influence in shareholder meetings, rather than his actual voting power at the general assembly.

Following the cassation ruling's announcement, Vivendi’s stock price initially dropped over 4% but later stabilized at €2.53. The outcome now rests on the Paris Court of Appeal’s reevaluation of Bolloré's control status, a decision with significant implications for minority shareholders and corporate governance within Vivendi.