Connect with us

Hi, what are you looking for?


Loeb’s U.S. hedge fund Third Point owns Vivendi stake – source

Stock Markets13 minutes ago (Jun 14, 2021 02:21PM ET)

(C) Reuters. FILE PHOTO: French media giant Vivendi’s logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, August 12, 2020. REUTERS/Charles Platiau/File Photo

By Svea Herbst-Bayliss

(Reuters) – Billionaire hedge fund manager Daniel Loeb’s Third Point (NYSE:SPNT) owns a substantial stake in Vivendi (OTC:VIVHY) SE and is “evaluating” the French media giant’s plan to sell a stake in its Universal Music Group to rival billionaire investor William Ackman, a source familiar with the firm’s holdings said on Monday.

New York-based Third Point has been invested in Paris-based Vivendi for some time, the person said, requesting anonymity because the matter is private.

A Vivendi spokesman on Monday said, “The company has yet to see any evidence of a stake being built,” in response to a question about the Third Point holding. A Third Point representative declined to comment.

Third Point’s stake was first reported by Bloomberg.

Vivendi has become popular with certain investors ever since it announced plans to spin off 60% of Universal. Earlier this month Ackman said his blank-check company Pershing Square Tontine Holdings is planning to buy 10% of Universal before the planned spinoff.

Vivendi, controlled by French tycoon Vincent Bollore, last month set out a plan to list Universal, the world’s largest music group, by Sept. 27.

Investors will have a chance to vote on the proposed spinoff later this month and some have already expressed reservations.

Activist fund Bluebell Capital Partners and investment fund Artisan Partners (NYSE:APAM) have raised concerns about the spinoff, decrying the transaction as unfavorable to some investors.

Glass Lewis and ISS, the world’s two biggest proxy advisers,

have recommended Vivendi shareholders vote in favor of the

spinoff plans.

Third Point is trying to evaluate what Ackman’s proposal would mean for Vivendi shareholders and has not commented publicly about the matter.

Loeb and Ackman, both prominent New York hedge fund managers, have crossed on other investments, including Herbalife (NYSE:HLF) and United Technologies (NYSE:RTX), for example, and sometimes taken differing approaches.

Loeb has had his own blank check company and invested in a number of others, according to letters to his investors and regulatory filings. He did not invest with Pershing Square’s Tontine Holdings, which counts other prominent hedge funds as investors.

($1 = 0.8247 euros)

Loeb’s U.S. hedge fund Third Point owns Vivendi stake – source

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

World News

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered...

World News

George Soros and Bill Gates are part of a consortium acquiring a British developer of rapid-testing technology, including for Covid-19 and tropical diseases,...


If you parked your car in one of the thousands of parking spots across Calgary, there’s a good chance you paid the Calgary Parking...


ForexMay 27, 2021 02:04AM ET (C) Reuters. By Peter Nurse — The dollar edged higher in early European trade Thursday, finding support from...

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. Copyright © 2021 Your Morning Voice. All Rights Reserved