Vivendi faces fresh EU antitrust charges over Lagardere deal

The European Commission hit Vivendi SE with a supplementary statement of objections Friday, adding new evidence to its case that the French media conglomerate breached merger rules by acquiring publisher Lagardere SA in 2023 before securing regulatory approval.

"The SSO follows an earlier Statement of Objections from July 2025 and provides new significant evidence, and related explanations," a Commission spokesperson said in an email. The scope of the infringement remains largely unchanged from the initial charges.

Vivendi, which trades on Euronext Paris under ticker VIV.PA, faces a potential fine of as much as 10% of its global annual revenue if the EU antitrust watchdog finds it guilty of gun-jumping — the practice of closing a deal before receiving mandatory regulatory clearance. The Commission approved the Lagardere transaction prior to bringing the procedural charges, meaning the penalty relates to the timing of the deal's closure rather than its competitive merits.

The EU has taken an increasingly aggressive stance on procedural violations in recent years. In 2023, the Commission fined Illumina Inc. a record 432 million euros for closing its acquisition of Grail before receiving antitrust approval — the largest gun-jumping penalty ever imposed by Brussels. That case, currently under appeal at the European Court of Justice, established a benchmark for how aggressively regulators can pursue companies that bypass the mandatory waiting period.

Vivendi can request a closed-door hearing to defend itself before the Commission issues a final decision. The company rejected the initial charges in July 2025, arguing it had complied with all applicable rules. A finding of guilt would not only carry a substantial financial penalty but could also trigger enhanced scrutiny of Vivendi's future M&A strategy across its portfolio, which includes Universal Music Group, Canal Plus, and Havas.

The case signals that Brussels is prepared to deploy its maximum penalty framework against large conglomerates that test the boundaries of the EU's merger control timeline. With the Commission now armed with additional evidence, the probability of a significant fine has increased materially, according to antitrust specialists tracking the proceeding.

This article is for informational purposes only and does not constitute investment advice.