Largadère: Oddo says sell
(CercleFinance.com) - Oddo recommends investors reduce their holdings in Lagardère, with a target price of 15 euros, in the context of discords between shareholders.
Indeed, Largadère has refused to convene an EGM, as requested by Vivendi and Amber Capital.
Two days before a hearing in the commercial court on this matter, the FT Qatar Holding (QIA), which has 13% of the group's capital and 19.8% of its voting rights, considered that it was legitimate for all shareholders to be represented on the supervisory board.
Oddo says that [This] statement made yesterday does not demonstrate what the group's position will be: i.e. support from Lagardère C&M or Vivendi/Amber, which says that the question of the majority will be decisive, although impossible to forecast for the moment.
The broker expects a status quo regarding the company's form and management.
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