The green light from the La Provence board of directors for the CMA CGM shipowner’s takeover of the press group, is that correct? The holding company of businessman Xavier Niel, who is also a candidate, appealed in this matter to the Marseille Commercial Court.
On May 9, the La Provence board of directors approved CMA CGM’s offer to buy back 89% of the shares owned by Bernard Tapie Group (GBT), in compulsory liquidation since 2020, despite two dissenting votes.
Avenir Développement (AD), a subsidiary of the holding company NJJ owned by Free Telecom founder Xavier Niel, confirmed during this vote its veto as a minority shareholder (up to 11%) of the main press group in the south of France, dailies La Provence and Corse Matt.
But those votes were invalidated by La Provence’s Chairman and CEO, Jean-Christophe Servati, due to Avenir Développement’s “conflict of interest”, which Free Telecom founder Xavier Niel contested on Wednesday in the voice of his attorney.
If only CMA CGM’s bid was accepted by the liquidator because it was the “best price” – €81 million for Xavier Niel’s offer – €20 million – it would have had to be unanimously approved by AC.
The businessman’s lawyer, Mai Didier Malka, argued, “We cannot convene a board of directors, ask it to vote, and then after that, because the results do not suit us, suppose it cannot participate in the vote.” “It’s gruesome and gross.”
“What is the economic rationale for a company that pays four times the value of” the €20m group and not the experts, while “saying it does not expect profitability?” Malka asked me about the offer of CMA CGM, one of the world’s leading shipping companies based in Marseille.
The lawyer also reminded the 850 employees, who had been waiting for months for this dispute to be resolved, including six CSE (Social and Economic Committee), who came out in favor of the CMA CGM bid, that the proposed €80 million would be used by the creditors and not by the press group. in receivership.
For La Provence lawyer Me Bernard Bouquet, the “obsession” of Xavier Niel, also a contributor to Le Monde newspaper, is to take over La Provence by dragging it into “judicial meanders” that undermine the social interest of the company and cause it to “lose money” “.
Mr. Neal commits an “abuse of power by shifting the power entrusted to him” as an official, lamented Le Bouquet.
“The director is charged with representing the company and must abide by its interests,” Me Bouquet pleaded, but the shareholder votes “in his own best interest,” citing Mr Neal’s “obvious conflict of interest.”
The head of the commercial court warned that the court, which will issue its decision on July 21, “will be concerned only with the law,” even if it is “attentive” to the company’s social status.
The supervisory judge of the Bobigny Commercial Court, who was to say on June 22 whether he had authorized the sale of La Provence to CMA CGM, postponed his decision to September 30 pending that of Marseille.