Lagardère turns under duress a page in the history of French capitalism

Posted on Apr 28, 2021, 5:45 PMUpdated Apr 28, 2021, 5:47 PM

In television series, the penultimate episode is often the most interesting, the last leading abruptly to the next season. In the saga Lagardere, the end of the group’s limited partnership governance structure, acted on Wednesday, is undoubtedly the crucial moment. If the sponsorship terminology is legal and relatively unknown, the consequences of its abandonment are easy to understand: Lagardère no longer has control of the group created from scratch by Jean-Luc Lagardère. One of the largest families of French capitalism, once a benchmark shareholder of EADS now Airbus, is preparing to bow out.

“Blowing up the Lagardère sponsorship is an old obsession of Joseph Oughourlian [le fondateur d’Amber Capital , NDLR], he will never succeed, ”said a good connoisseur of the media sector just before the health crisis. Even if the clouds were piling up for Arnaud Lagardère, the heir to the empire, many still thought recently that he was “unbreakable” with this mode of governance. The Amber fund had lost twice in general assembly (AG) on this theme: in 2018 and again in spring 2020 – Qatar, another large shareholder, not having finally supported it.

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