Lagardère raises publishing profit outlook as it prepares for Vivendi takeover bid

Hachette Livre owner Lagardère has raised its publishing division's profitability outlook to 13.5%.

On 20th December, the company announced its publishing division's operating margin, previously estimated to be around 12%, is now expected to be 13.5% for the full year. The group's annual results will be released on 17th February 2022.

The company said the division's “strong sales momentum and product mix impact Lagardère Publishing profitability in a more favourable manner than anticipated in the context of the health crisis”.

On 17th December, Lagardère's board of directors announced it had appointed an ad hoc committee from among its members ahead of a tender offer from Vivendi to buyout the remaining shareholders of Lagardere.

The committee includes c.e.o. Arnaud Lagardère, three independent members and Pascal Jouen, who represents employees.

“The board of directors will meet again in the next few days to appoint, on the recommendation of the ad hoc committee, an independent expert in accordance with the general regulations of the French financial markets authority,” the company said.

Joseph Oughourlian has resigned from his position as director following the acquisition by Vivendi of Amber Capital's 17.5% stake in the firm.