Their votes helped the company defeat Amber’s effort to replace much of the board in a shareholder vote in May. Vivendi cited the poor financial performance of Lagardere, which reported a net loss of 481 million euros in the six months through June. Vivendi and Amber are Lagardere’s two biggest investors, with a combined 44% stake. On Aug. 17, less than a week after Vivendi announced it was teaming up with Amber, Lagardere’s board extended Arnaud’s contract by four years. With board seats, Arnaud’s opponents could turn off the money spigot to his management company.

Source: Washington Post August 27, 2020 13:07 UTC