Paris Match: a French billionaire battle royale nears its conclusion

One thing to start: JP Morgan Chase Open First overseas retail bank In the 222-year history of next week, digital-only lenders have been launched with the aim of disrupting the British banking market.

Sanoke Biswanasan, Head of JP Morgan’s Newly Established “International Consumers” Division

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Lagardère is approaching defeat in the fight for his family empire

If you need a reminder for a French millionaire businessman Vincent BolloréPay attention to learning in the battle of the company, the latest development Lagardale..

VivendiControlled by Bollore, Presentation Acquire activist investors this week Amber capitalA 17.9% stake in Lagardère agreed under their Surprise Alliance.

This paves the way for Vivendi to offer a takeover bid for Lagardère (if approved by the regulatory agency). Transactions with Amber will be 45%, exceeding the threshold that requires mandatory proposals from other parts of the company.

Vincent Bolloré

Vivendi’s move by Vincent Borole is the latest twist in the five-year battle for Lagardère domination © AFP / Getty Images

The move effectively ends five years Fight for control A French media and travel retail group that has fascinated the business elite in Paris

Ignore polite press releases — this is Bolloré Compassionate blow NS Arnaud Lagardère..Despite him Desperate maneuver, Family heirs confirm that the company is in Vivendi ownership.

Imagine his father, a legendary businessman Jean-Luc LagardèreBuilding a defense against the media conglomerate before his son dismantled most, is heading to his grave.

Arnaud Lagardère

While waiting for regulatory approval, Arnaud Lagardère will lose control of the French media and travel retail group founded by his father © AFP via Getty Images

For the founder of amber Joseph Oughourlian, The exit will be the prestigious end of Bloody story..

With Vivendi offering € 24.10 per share, Amber made a profit from its investment in Lagardère. Given that the pandemic was added to that position last spring when it beat the company’s stock price, the cost of the stock ranges from € 15 to € 20.

Bollore is definitely winning LVMH chief Bernard Arnault, Who Came to rescue It acquired a stake in Arnaud Lagardère in 2020 and owns approximately 10% of the Group’s stake.

An important moment was when Bolloré visited last August. Formed an alliance Along with his former enemy, Amber, it gave him the right to first refuse when he wanted to quit his activist bet. People familiar with the matter told FT Leila Aboud that Arnaud was first offered a similar deal by Amber last year but chose not to act.

Bernard Arnault

Bernard Arnault, Chairman and Chief Executive Officer of LVMH © Reuters

Perhaps the gorgeous tycoon simply didn’t want Lagardère’s assets to be enough to invest more capital, or he thought his position was safe without amber. After all, the official story is that Arnaud acquired a French group to help the young Lagardère out of loyalty to Jean-Luc’s memory.

But he was also said to be interested in that media asset — influential Journal Dudymanche, Celebrity magazine Paris match When Europe 1 wireless. These titles are currently heading to Vivendi in Bolloré.

Weak French media players should look over their shoulders, FT Rex column warnsAs Bolloré’s influence reaches new heights.

The most powerful CEO in the music industry approaches his greatest action

Universal Music‘NS Lucian Grainge that is The most powerful executive The music industry has never seen it before. Elton john I told FT, “Walk in the fire for him,” Taylor Swift “I know he trusts me, so I return that trust.”

And he has the ears of one of France’s most powerful men, the aforementioned Bolloré. Bolloré’s group owns Universal Music.

Lucian Grainge

Lucian Grainge told FT about fighting death, trading and publishing his record label

Most DD readers are probably familiar with the recent dramas surrounding Universal, the music labels behind artists such as: Lady Gaga When ABBA..

Hedge fund billionaire Bill Ackman Prior to listing, he wanted to acquire a $ 4 billion stake in the company through his special purpose acquisition company, but regulators intervened and he was forced. Discard the transaction..

To show good faith, Acman agreed to buy shares through a hedge fund Persing Square.. But putting Universal’s CEO on the map is another transaction.

A 61-year-old woman from North London Buy £ 1.2bn Of the sick label EMI 2011, a transaction that defines the era with a fire sale price.

At that time, Universal was the largest player in the dying industry, which needed to be integrated at all costs. EMI is Miserable acquisition NS Terra Pharma, Guy Hands‘Private equity farm.

Almost everyone in the industry assumed that regulatory agencies would intervene. “I remember when he signed the letter to buy EMI, he said,’I don’t know if this will work, but I’ll stop.'” A former US executive recalls.

famous Beatles producer Sir George Martin The deal was dubbed “the worst thing music has ever faced.” However, by selling enough EMI parts to satisfy regulators, Universal gained about 40% market share. This is something that music companies have never enjoyed.

This is just one of the fascinating outtakes to come. Must-read profile Grainge’s work by colleagues Anna Nicolaou and Andrew Edgecliffe-Johnson.

Grainge with weekend

“Blinding Lights” was the most streamed song on Spotify last year, The Weeknd’s Grainge. Grainge signed a lucrative deal with streaming services in 2017 © Lester Cohen / Getty Images for Universal Music Group

But Grainge’s story isn’t over yet. He aims to consolidate his legacy, which could be the ultimate test of the embarrassed record label business.

A few months ago Vivendi Won support Listed bankers estimate that the number of shareholders spinning off Universal, Amsterdam’s largest business on the Euronext exchange, could bring Universal a valuation of over $ 50 billion (only eight years ago). Softbank I tried to buy the company for $ 8.5 billion).

Investors are piled up. Tencent With a valuation of 30 billion euros in 2019, it surged 20% of the company.

Bill Ackman

The Securities and Exchange Commission raised a question about the proposed transaction that Bill Ackman’s blank check company would buy a 10% stake in Universal Music © Bloomberg

Acman, who currently owns a 10% stake in the business, told investors:

The listing on Tuesday will determine whether investors agree.

Murdoch Empire bears Dealmaker in Chief

In HBO’s hit drama InheritanceThe sons of the old millionaire duel evoke amazing similarities to the real-life Medes dynasty.

But some people who know Lachlan When James Murdoch,Heir Rupert MurdochThe vast Medes empire quickly separated fiction from reality.

“The truth is that they are trying to focus on themselves,” a person who knew both brothers told DD James Fontanella Khan.

Another said it would be difficult to compare the two, as Lachlan continued to exercise power in his father’s cash-generating empire while James earned a portion of his income. $ 71 billion sale of 21st Century Fox NS Disney From 2019 Build his own path..

 Lachlan and James Murdoch

For the past decade, Lachlan Murdoch on the left and his brother James jokingly talk about the role of the successor to his now 90-year-old father Rupert © Bloomberg.

Since Disney’s sale was completed in March 2019, Lachlan has emerged as a serial deal maker, overseeing more than 20 acquisitions. Sports gambling, Blockchain, Streaming, And public.Recently he scooped up a celebrity gossip site TMZ For less than $ 50 million, according to the person who was briefed on the transaction.

Meanwhile, James Keep a distance From the conservative politics of his family-dominated news brand, he took advantage of the $ 2 billion plunge from Disney’s sale and spent about $ 700 million on transactions, including investments. Secondary media A start-up company aimed at fighting fake news.

Rupert Murdoch

The question of what happens to Rupert Murdoch’s Medes dynasty in his twilight year still seems to involve family struggles © Reuters

It’s not difficult to know which Murdoch brothers are more closely aligned with their father’s vision. But when 90-year-old Rupert entered his last year, Questions still remain About the future of the Medes dynasty.

Dominate Family Trust — Hold Shares News Corporation When fox — Once the media mogul takes control, it will be evenly distributed among Rupert’s four eldest daughters.

So while you may not be fighting for the same deal, Lachlan and James will have to face each other in negotiations when the time comes.

Job change

  • Boeing Named Ziad OjakliAs a former legislative official of US President George W. Bush, head of its new government affairs. He used to Ford When Softbank..

  • Citigroup Appointed Sylvie Renault-Carmel As market manager Citigroup Global Markets Europe, Based in Paris. She used to Societe Generale..

  • Softbank Adopted Rodrigo Bear When Marco Kamhaji As a managing partner of both Sao Paulo-based Latin American venture funds. Baer used to Redpoint eVentures, Redpoint’s alum, Camhaji, has recently Amazon..

  • Investec Recruited Tom Lewin Head of the M & A Advisory Team for a London-based financial institution group.He used to KPMG..

Smart read

All about the family The father-son duo behind Carvana uses a dual stock structure and complex tax agreements to run a $ 60 billion public company like a small family company, with billions of dollars in stock. Added the bonus of plunging. (((The Wall Street Journal).

Scramble and save For rich Americans, retirement accounts are more than just a way to prepare for retirement. They are powerful tools for avoiding taxes and passing on the wealth of generations. (((Bloomberg).

Big Tech buyback boom That practice is rampant in Silicon Valley, as many American companies are in dire straits as they divert surplus cash to buy back shares. Failure to invest in the future can leave some companies behind. (((FT).

News summary

Tobacco group Philip Morris gains control of inhaler company Vectura (FT)

THG lists beauty department next year (FT)

Evergrande discloses $ 3 million investment by founder’s wife to appease investors (FT)

Railroad M & A: Trading habits put executives at risk (Rex)

Wall Street Trading Group Intensifies Invasion of Cryptographic Markets (FT)

Chinese investors scramble for data as financial bloggers crack down (FT)

MP accuses HM Revenue and Customs of reconciling “lover” tax with GE (FT)

Goldman follows Cathie Wood’s Ark with a new technology-focused active ETF (FT)

Taiwanese scooter maker Gogoro listed on NASDAQ in $ 2.35 billion Spac transaction (Nikkei Asia)

MassMutual fined $ 4 million for meme stock trading by “Roaring Kitty” (FT)

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