CIAM, an investment company and shareholder in Vivendi, is seeking an injunction with the commercial court in Paris to force a postponement of next week’s Vivendi shareholder meeting to vote on the proposed split of the firm into four separate and publicly-traded companies, one of which would be ad holding group Havas. 

The commercial court has scheduled a hearing on the injunction request for December 4. 

Separately CIAM is challenging the legality of the split proposal in a lawsuit and wants that suit decided before the shareholder meeting. The suit was filed with the same commercial court in Paris.  

CIAM is also challenging a decision last month by French financial markets regulator AMF which found that the Bolloré Group does not meet the conditions for triggering a mandatory buyout offer for Vivendi related to the spin-off proposal.  

Vivendi argues that CIAM’s attempts to derail the spin-off plan are without merit.  

In a statement Vivendi said: “Vivendi reiterates that the goal of the spin-off project is to create value for all shareholders by reducing the significant conglomerate discount that has weighed on its valuation for several years and to accelerate the development of its separated business.” 

The company added that “the project, which fully complies with applicable regulations and has been extensively documented, has been reviewed by three stock market authorities – the French AMF, Dutch AFM, English FCA – as well as Euronext, the spin-off auditors, and the relevant employee representative bodies.” 

It also noted that two leading proxy advisory firms, ISS and Glass Lewis have endorsed the spin-off plan.  

Two weeks ago, Havas leaders laid out the company’s strategy going forward as a public company once again. It had been a public firm before being acquired by Vivendi in 2017.