Decision of the Paris Court of Appeal on the control of Vivendi

The Paris Court of Appeal has issued a significant ruling concerning the control of Vivendi. It ruled that Vincent Bolloré and Bolloré SE do not control Vivendi according to Article L. 233-3 of the French Commercial Code. This decision follows a partial reversal by the Court of Cassation on November 28, 2025. The Court of Cassation had ruled that the Paris Court of Appeal had misinterpreted the law by asserting Bolloré's control of Vivendi.

Today, the Court of Appeal upheld the Court of Cassation's analysis. This ruling clarifies Bolloré SE's position vis-à-vis Vivendi and potentially influences the company's governance structures.