Vivendi is considering raising its offer for Lagardere, with a takeover looking increasingly likely.
The French media company said that it is considering upping its offer from €24.10 per share to €25.50 per share.
The deal for Lagarde would see Vivendi acquire magazine Paris Match, weekly newspaper Journal du Dimanche and radio station Europe 1. These would complement Vivendi’s French portfolio which includes pay TV operator Canal+ and news channel CNEWS.
This comes after Vivendi last year said it would buy Amber Capital’s 18% stake in Lagardere for €24.10 per share as a prelude to a full takeover offer.
The ambitions of Vivendi and its billionaire backer Vincent Bollore is said to have angered French president Emmanuel Macron, who reportedly is perturbed by the potential for such a media empire to push a right-wing news agenda ahead of the presidential election in April.
Vivendi is not however the only company interested in Lagardere. Luxury goods company LVMH, which owns brands including Louis Vuitton, Moët & Chandon and TAG Heuer, has also stated an interest, but Vivendi is the favourite to secure a deal.