France’s Autorité des marchés financiers on Friday ordered Bolloré Group and its founder Vincent Bolloré to file, within six months, a mandatory takeover and subsequent withdrawal offer for the shares of Vivendi they do not already own. The ruling, published on 18 July, reverses the regulator’s November 2024 stance and follows an April judgment by the Paris Court of Appeal that found Bolloré exercises effective control over the media conglomerate. The offer will concern only the residual holding company now called Vivendi, after the group’s December 2024 break-up into separately listed units such as Canal+, Havas and Louis Hachette. Once submitted, the bid must be cleared by the AMF before it can close. Bolloré has not yet commented on whether it will seek a waiver or on the price it is prepared to pay minority investors. Separately the European Commission sent Vivendi a Statement of Objections the same day, alleging the company took control of Lagardère before securing antitrust approval, a violation known as gun-jumping. If confirmed, the breach could expose Vivendi to fines of up to 10% of its worldwide turnover. Investors welcomed the prospect of a cash exit: Vivendi shares rallied as much as 13% to about €3.30 in Paris, while the CAC 40 index ended the session virtually unchanged. The simultaneous French and EU actions place the company under renewed regulatory pressure just as it seeks to streamline its portfolio of media and entertainment assets.