Shares in French media group Langardere have surged as much as 20 per cent today, after fellow media giant Vivendi snapped up another stake in the company.
It comes as Vivendi separates from Universal Music, the world’s largest music company, amid its highly anticipated Amsterdam listing due next week.
The French media group confirmed the proposed acquisition of its shares in a statement yesterday, with a takeover likely on the horizon.
Vivendi, which already owns 27 per cent of Lagardere, said it would later launch a full bid at the same price once it owns more than 30 per cent of the group, according to Reuters.
French law stipulates that this is the minimum a separate company can own before it can launch a takeover bid.
The percentage of shares Vivendi is set to buy has not yet been publicly confirmed, but Langardere said in a statement that it “demonstrates Vivendi’s confidence” in the group.