Vincent Bolloré may have another activist bone to pick. The billionaire French tycoon is considering taking a stake in Lagardère, along with fellow one-percenter Marc Ladreit de Lacharrière, to support eponymous boss Arnaud, according to the newspaper Les Echos.
Bolloré has form in activist spats, having famously battled Paul Singer’s Elliott Management in Telecom Italia before staging a partial retreat. However, he may wish to think twice before getting any further embroiled in the spat. Proxy advisor ISS, hardly known for its radical activism, has lent some support to Amber by pointing to the need for “a robust dissident presence on the board”. Malaysia is highlighting the world’s dependence on China for rare earths.
Rare earths are used in everything from smartphones and electric vehicles to military equipment, and Lynas is the world’s biggest producer of them outside of China, where production is slowly getting back to normal. Yet China, which accounts for roughly 80% of U.S. rare earth imports, has managed to consolidate its position in a push to dominate high-tech industries.
At their worst in March, Nokia shares had halved from a February high. However, a rally since then has brought them broadly back in line with markets, reducing the sense that now is the ideal time for a raider to strike. The coronavirus means buyers remain extra-cautious, and it’s unclear who might actually want to bid. Washington’s bombast has complicated life for any U.S. bidder and Scandinavian rival Ericsson seems happy on its own.