I come bringing an update that may or may not interest some:

A little over 10 days ago it has been widely noted that Vivendi owns over 25% stake in Ubisoft. According to French law; Vivendi will be required to table a mandatory takeover bid and pursue a controlling stake if it hits 30%.

Not long to go now, folks.

In similar news regarding Vivendi and takeovers; as of yesterday news reports also say Vivendi controls close to the 30% stake in both Mediaset, and Telecom Italia. The Italian Government even calls this hostile.

Vivendi is clearly creeping up on these companies at once, and it's easy to see why CDP had a meeting to discuss measures to combat such things happening to them too. If anyone else has news on other companies that Vivendi is creeping up on, feel free to share.

The law:
http://uk.practicallaw.com/4-502-1646#a207263

At the current price, Telecom Italia + Mediaset + Ubisoft costs $20bn, was partially cheaper (especially a few weeks ago). Vivendi itself has a market capitalization of $26bn. At $1bn profit/year (and financially healthy), they might opt to not buy them all at the moment and e.g. make an unattractive offer to other shareholders.

Well, I doubt they'll put buying majority off for long; otherwise the companies in question will buy back their majority to counter the takeover. Mediaset is already trying to do just that. I have no idea what Ubisoft is doing to fight back, other than 'slamming' Vivendi for their strategies. As I said, Vivendi cannot go above a 30% stake if it has no intention of buying them out, and it's pretty damn close to it on all fronts.

As an Italian guy disgusted by Italy's media, politics and corruption interweaving both, I truly hope Vivendi will buy Mediaset once and for all kicking Berlusconi family out of the management.

Shares which have been bought back have no voting rights, so this would increase the voting power of Vivendi. A poison pill is a typical action against a hostile takeover and increases the amount the of shares, but it seems too late for this.