Last year, as Vivendi was maneuvering to spin off several subsidiaries including Havas, Hachette and Canal+ into separate publicly traded companies, at least one shareholder — CIAM — believed that the Bolloré Group had effective control of the company and therefore was required to make a buyout offer for the company. 

The French market regulatory agency AMF disagreed as did a French court when CIAM challenged the AMF ruling. 

Today the Paris Court of Appeals nullified the AMF’s decision and ruled that it must reconsider the matter, according to multiple reports from news outlets including Reuters.  

According to the Reuters report, the appeals court ruled that Bolloré Group head Vincent Bolloré, "who controls the Bollore Group, has effectively determined, through the voting rights at his disposal, the decisions at Vivendi's general meetings...Therefore, it is appropriate to recognize the existence of Vincent Bolloré’s control over Vivendi.” 

Reuters cited a CIAM response applauding the decision, while the AMF said it would study the ruling closely. It was not immediately clear when or even if it would issue a new decision. 

As Reuters pointed out, it is unlikely that the spinoffs, which took effect December 16, will be undone, regardless of today’s ruling.  

Whether CIAM or other investors opposing the spinoffs will pursue a case that they’ve been harmed financially was not immediately clear. 

Bollore did not respond to Reuters' requests for comment. Havas could not be reached at deadline. 

Vivendi issued a statement noting that the spinoffs were “overwhelmingly” approved by shareholders last year and that even discounting Bollore’s votes and shares was “overwhelmingly” supported by the remaining shareholders. 

The company added that it “remains confident in the split’s ability to create long term value for all stakeholders as well as in the operational and stock market development of the four entities involved.”