FRANCE. The conversion of Lagardère SCA into a joint-stock company came a big step closer today as the group announced that it has received confirmation from the registry of the Paris Court of Appel that no appeal has been filed against a decision of the French financial markets authority (Autorité des Marchés Financiers/AMF) relating to the conversion.
The AMF ruled on 21 May that turning Lagardère SCA, the parent company of Lagardère Travel Retail, into a joint-stock company does not require the launching of a tender offer.
Consequently, the conversion is now only subject to approval by the General Partners and the shareholders whose General Meetings will be held on 30 June.
The General Partners and the main shareholders, Vivendi, Qatar Holding LLC, Amber Capital and Financière Agache (which together with Arnaud Lagardère hold 75% of the Company’s voting rights) have already agreed to support the proposed conversion.
