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  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Contains footnotes referencing specific financial transactions and historical events.",
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      "text": "BOL ultimately increased its stake to 31% after Mr. David-Weil allegedly rebuffed Mr. Bolloré in a face-to-face meeting. Ultimately Mr. Bolloré was unsuccessful in seeking the break up, but he was still able to extract significant value for BOL’s stake by selling it to Credit Agricolé in November 2000 for a gain of 1.9 billion francs (on an initial investment of 2.0 billion francs). Credit Agricolé had cooperated with Lazard in the past, announcing a joint derivatives venture in 1994. Credit Agricolé’s bid might have resulted from Mr. David-Weil’s encouragement given his strong family ties to the bank.",
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      "text": "Vallourec SA (VK FP) BOL started to accumulate VK shares in 2002, overtaking Salzgitter AG (SZG GR) as the company’s biggest shareholder in 2003. On a split-adjusted basis, BOL paid €10 per share. Vincent Bolloré immediately began to press VK to buy out its joint venture partner in Vallourec & Mannesmann Tubes. The Vallourec & Mannesmann joint venture was created in 1997 as a merger between two businesses tube divisions. SZG acquired Mannesmann’s share of the joint venture in 2000. When SZG acquired the business, it also acquired the rights to have a say over board and management appointments, investments of more than €1m and an option to take control of the business by buying a six per cent stake or sell out if VK changed hands.",
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      "text": "Because the joint venture accounted for 80% of VK’s profits, Mr. Bolloré believed it made sense for VK to have full control over it. At the time, VK had to defer on a number of issues, such as investments over €1 million. Ultimately VK’s board agreed with Bolloré, and paid $710.5 million for the 45% it did not already own. On the day the deal was announced, VK’s shares climbed 26%. BOL began to take profits on the investment in 2005, selling 7.5% of VK stock that year, followed by a sale of 10.2% of VK in 2006 a sale of 3.5% equity share in VK in 2007 and a further sale of 3.6% of VK in 2008. A spokesman for BOL described VK as one of Mr. Bolloré most successful investments. BOL currently owns 1.6% of VK.",
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      "kind": "quote",
      "text": "A spokesman for BOL described VK as one of Mr. Bolloré most successful investments.",
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      "text": "29-35: Footnotes containing URLs for the cited financial data.",
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