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Vivendi resigns to exceed 10% of PRISA’s capital | Economy

PRISA, the publishing group of the newspaper EL PAÍS, has communicated this Friday to the National Securities Markets Commission (CNMV) that Vivendi, one of the company’s shareholders, has informed it that “it has finally withdrawn the request for the obtaining authorization from the Council of Ministers for the acquisition of PRISA shares representing up to 29.9% of its share capital”.

The French media conglomerate, which already controls 9.93%, submitted the request on October 21 to the General Subdirectorate for Foreign Investments of the Ministry of Industry, Trade and Tourism, as reported to the CNMV days later. The limit would be in that 30% of the capital, since if that barrier was exceeded, it would be obliged to present a takeover bid for the entire capital.

Then he also assured that he had not yet entered into “negotiations or conversations with any PRISA shareholder for the acquisition of said shares.” Vivendi made the request to the Government under the provisions of article 7 bis of Law 19/2003, of July 4, on the legal regime of capital movements and economic transactions abroad. It establishes the need for foreign investors to obtain authorization from the Government for those investments as a result of which the investor holds a stake equal to or greater than 10% of the share capital of the Spanish company or control is acquired. of said company that forms part of sectors considered strategic, including the media. The Executive had six months to respond and to date has not ruled on the request of the French group.

The French group Vivendi entered the capital of PRISA on January 22 last year, acquiring a 7.6% stake after buying it from HSBC for around 50 million euros. Days later, it increased that participation to 9.9% of the capital. PRISA’s main shareholder is the British fund Amber Capital, with 29.8%. After Vivendi as the second shareholder, Telefónica stands with 9% and Rucandio, a Polanco family company, is the fourth shareholder, with 7.6%.

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