Billionaire investor Vincent Bolloré has now acquired more than 14 per cent of entertainment conglomerate Vivendi.
Reuters says that according to regulatory filings Vincent Bolloré has spent more than €1.5 billion to buy shares in 19 separate transactions in order to boost his shareholding from 20.5 per cent to the 24+ per cent now in place.
French investor rules grant double voting rights to established shareholders, meaning that Bolloré now has effective control at any meeting of shareholders. However, he has yet to pass the 30 per cent threshold which would require him to make a full bid for the remaining shares.
Vivendi owns Canal+, and is the parent of Universal Music Group.
Bolloré on April 19th unexpectedly stepped down from his role as Chairman of Vivendi, and appointed his son Yannick to replace him. A week later, news emerged that Bolloré Snr was being investigated into allegations of corruption in West Africa.