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Amber calls for Lagardere shareholder meeting, board change

Published 08/20/2020, 12:55 PM
Updated 08/20/2020, 01:00 PM
© Reuters.

PARIS (Reuters) - Activist fund Amber Capital on Thursday called on French publishing and media group Lagardere (PA:LAGA) to hold a shareholder meeting in the coming weeks, at which it wants to submit board changes, according to a letter to the firm seen by Reuters.

Amber, which has been pushing for a governance overhaul at Lagardere and has a 20% holding in the firm, last week teamed up with media group Vivendi (OTC:VIVHY), a 23.5% stakeholder, to demand representation on the board with four seats between them.

The activist fund put forward Joseph Oughourlian, its founder, as one of its three nominations to the board, according to the letter.

© Reuters. The logo of French media group Lagardere is seen at the group's shareholders meeting in Paris

Lagardere could not immediately be reached for comment.

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