Vivendi upped its stake in Ubisoft this week, exceeding the 25 per cent legal threshold of the company’s share capital.
According to the official press release on Vivendi’s website, the company increased its share capital in Ubisoft to 25.15 per cent on December 7th, and increased its voting rights to 22.92 per cent. Despite this, Vivendi claims it still isn’t interested in buying Ubisoft, or acquiring control of the company.
Under French law, once a person or company holds more than 30 per cent of firm’s stock, they must make a public offer on the company in question.
However, despite Vivendi claiming its disinterest in buying Ubisoft, the company then went on to say in the same press release that it was also considering continuing to acquire shares depending on market conditions” under the next six months, and that it will continue to seek a recomposition of the Ubisoft Board of Directors in order to, among other things, obtain Board representation consistent with its shareholder position.”
Vivendi added it is hoping to build a fruitful cooperation with Ubisoft” during this period.
The company last increased its stake in Ubisoft a month ago on November 8th, taking its share capital to 24.06 per cent and its voting rights to 21.3 per cent.
Previously, Ubisoft CEO Yves Guillemot told The Wall Street Journal that he wouldn’t relax until Vivendi sold its entire share portfolio.
"The creeping control strategy implemented by Vivendi is dangerous,” he said. We think that there’s a great risk of shareholders losing value."