Arnaud de Puyfontaine

Vivendi was divided into several listed companies in late 2024, a transaction supported by Arnaud de Puyfontaine. Fund CIAM challenged the structure, claiming that it protected Bolloré's control and disadvantaged minority shareholders. Following conflicting rulings, the Paris Court of Appeal held on 8 July 2026 that Vincent Bolloré and Bolloré SE did not control Vivendi within the relevant legal meaning.

State of the evidence

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Attribution

Direct responsibility

Vivendi acquired Editis for approximately €829 million. Several years later, the group recognised an impairment of several hundred million euros and had to prepare the publisher's disposal in the context of its rapprochement with Lagardère, fuelling criticism of the transaction's value creation.

State of the evidence

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Direct responsibility

Vivendi management was criticised for its role in Editis decisions concerning Éric Zemmour: distribution of his self-published book and reorganisation of Plon following the arrival of his former editor Lise Boëll. These choices fuelled fears of political and shareholder influence over editorial independence.

State of the evidence

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Vivendi's proposed acquisition of control of Lagardère raised significant competition concerns, notably in publishing because of Hachette and Editis. The European Commission found the initial remedies insufficient and authorised the transaction only after commitments to sell Editis and Gala.

State of the evidence

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Direct responsibility

After the failure of the Mediaset Premium acquisition agreement, Vivendi rapidly acquired almost 30 % of Mediaset's voting rights. Milan prosecutors investigated Vincent Bolloré and Arnaud de Puyfontaine for market manipulation. The dispute between Vivendi, Mediaset and Fininvest subsequently generated several civil proceedings.

State of the evidence

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Attribution

Direct responsibility

While Arnaud de Puyfontaine was executive chairman of Telecom Italia, Italian authorities considered that Vivendi exercised de facto control and that certain notification obligations under the regime protecting strategic assets had not been met. Telecom Italia received a fine of approximately €74.3 million.

State of the evidence

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Elliott launched a campaign to wrest control of Telecom Italia's board from Vivendi, criticising strategy, governance and value creation. In May 2018, Elliott's slate won ten of fifteen seats, leaving Vivendi with five directors and ending de Puyfontaine's chairmanship.

State of the evidence

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Vivendi acquired control of Havas from Bolloré Group while Vincent Bolloré exercised significant influence over both groups. The transaction prompted questions about conflicts of interest, governance and the independence of the various communications activities.

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