Vivendi shares dropped 11.5% to 1.95 euros following a Paris Court of Appeal ruling that the Bollore family lacks de facto control of the media conglomerate. The decision removes the legal requirement for the Bollore holding company to launch a full takeover bid, despite a minority shareholder's attempt to force the offer.

This ruling reverses previous hopes that the family's influence would trigger a mandatory acquisition. Vivendi shares have now fallen more than 16% since the start of the year as investors react to the loss of a potential buyout premium.

Institutional investors often price in the possibility of a takeover when a single family wields significant influence without a majority stake. This court decision eliminates that speculation, leaving the stock without a clear catalyst for growth and exposing it to broader market volatility.