Rough customs
Press: Ever since publisher Philippe Hersant began operating in Switzerland, he has had his sights set on the regional newspaper Le Nouvelliste. Now he is trying to acquire shares in the paper using underhanded methods.
Press Since publisher Philippe Hersant has been active in Switzerland, he has wanted the regional newspaper Le Nouvelliste. The Valais is famous for its Alps, its apricots, its family clans and its 103-year-old newspaper, Le Nouvelliste. For 90 years, it was the mouthpiece of right-wing conservative and Christian circles that defended Valais against infidels, liberals, emancipationists and Greens. That is now a thing of the past: former editor-in-chief François Dayer steered a cautious course of opening up, while his successor Jean Bonnard turned the paper into a modern forum newspaper. The editorial cooperation with the Fribourg regional newspaper La Liberté plays an important role in this: thanks to it, both papers have succeeded in distinguishing themselves as full newspapers. They are not only strong in their region, but also manage to publish independent articles on Swiss and international topics. The formula has been successful: publisher Rhône Média reported rising sales and profits for the past year, while the paper's readership remained stable at 108,000. For large press groups, Le Nouvelliste, the only daily newspaper in French-speaking Lower Valais, and its associated printing center are an appetizing roast. Around 20 years ago, Edipresse publisher Pierre Lamunière acquired a 37.5 percent stake, but today, at the behest of the Competition Commission, he has to give up some of his shares in order to get below the blocking minority of 33.3 percent. This was the condition imposed by the competition authorities when they approved Edipresse's purchase of the two "Presses" integrated into 24 heures on Lake Geneva and Lake Neuchâtel. Since then, the small block of shares up for sale has been a source of discord, as it would allow the various Valais clans fighting for control of the Nouvelliste to gain a majority. At the same time, the French Hersant Group is trying to get its hands on Nouvelliste. Publisher Philippe Hersant is laying out bait: Attractive offers for shareholders willing to sell or the employment of Valais personalities with influence and connections to Nouvelliste in the Hersant holding company.
The problem, however, is that over 60% of the shares are tied up in a shareholders' convention. It provides for a right of first refusal for the members of the convention. The purpose of this convention is to ensure that the Nouvelliste remains in Valaisan hands. Instead of unity, however, the convention creates discord: firstly between the shareholders who are inclined to cooperate with Hersant, secondly those who are loyal to Edipresse, and thirdly those who (like the other two groups, by the way) swear hand on heart that the independence of the paper is their top priority. Meanwhile, editor-in-chief Jean Bonnard defends the independence of the editorial team.
In recent weeks, the waters have once again risen. Liberté revealed the Hersant Group's attempt to get a share purchase past the shareholders' convention. This is based on a written proposal that ended up in the hands of CEO Jean-Yves Bonvin. According to Roger de Diesbach, the author of the article, this proposal contains the following offer to the Chairman of the Board of Directors, Jean-Marie Fournier: the Hersant Group will give Fournier, who owns 20 percent of the shares, a loan equal to the value of these shares.
The loan is repayable exclusively in the form of shares, which means that Fournier remains formally in possession of shares that indirectly belong to Hersant. While Hersant spokesman Jacques Richard denies this, Fournier admits to having received the proposal. However, he never signed it. For Fournier and his allies on the Board of Directors, this is a story that Edipresse has made up via Liberté with the aim of damaging Fournier - an absurd accusation for anyone who knows Roger de Diesbach and his fight for an independent press.
Edipresse boss Tibère Adler "takes note" that Jean-Marie Fournier has not signed the secret contract, but is aware of "very far-reaching negotiations". However, shareholder Edipresse intends to exercise its right to block all shares in a joint account in order to prevent "wild transactions". In the event that a share transfer has nevertheless already taken place, the publisher reserves the right to take legal action.
Jean-Yves Bonvin is not taking the story lightly. "If shares were sold unofficially, this could have legal consequences." Not only could other Valais shareholders see their rights violated, but also Edipresse, as the Lausanne publishing house also has vested pre-emption rights. Bonvin is not only disturbed by the Hersant Group's "covert approach" to the secret project, but also by the fact that the composition of a new board of directors is apparently already being determined with people close to Hersant. In addition, the paper envisages a "publishing council" that would have to take care of the editorial line of the Nouvelliste, bypassing publisher Bonvin and editor-in-chief Bonnard.
The idea of the "Publishers' Council" is probably the brainchild of Jean-Marie Fournier. The old-school Valaisan, known as the "King of Veysonnaz", where he deals in real estate and ski slopes, is a passionate Christian Democrat and has long believed that the Nouvelliste should get back on track. Jean-Yves Bonvin defends the paper: "Nobody can turn back the clock. The editorial line of the newspaper corresponds to the changed reading habits and thus also to the journalistic and economic necessities of the newspaper."
Diverging interestsFormer Nouvelliste editor-in-chief François Dayer, who has worked as a journalist in Valais for forty years, retired a few days ago. He warns: "The minority shareholding of a large group is not a problem. But if Hersant wants to enter the share capital, it certainly won't be to make do with a minority stake." It becomes dangerous when a large group takes control of the means of production, as Hersant did in Neuchâtel: "The interests of a large publishing group and the interests of a newspaper are not the same."
How much does Hersant already own?
to seize power, Hersant would have to acquire 40 percent of the tied shares. Has he perhaps already been able to buy other share packages with similar means? "All speculation is open," says Jean-Yves Bonvin, who does not, however, believe that Hersant has already achieved the 40 percent. Whatever the case, Le Nouvelliste is an important piece on the chessboard for the powerful French group, as Hersant's shopping spree in French-speaking Switzerland has so far been rather disappointing. Apart from the local newspaper La Côte on Lake Geneva and the two regional newspapers L'Express and L'Impartial in the canton of Neuchâtel, he has only been able to make a few significant purchases in the newspaper sector - however, the fact that he was also able to acquire the printing plant in Neuchâtel, which he expanded into a state-of-the-art printing center, gives him great influence with small newspapers in French-speaking Switzerland. If he could lay his hands on the Nouvelliste and the associated printing plant, this would allow him to achieve journalistic and industrial synergies.
Hersant's strategy is foreseeable: In the Jura Arc, he has his sights set on the newspapers Le Quotidien Jurassien from publisher Michel Voisard and the Journal du Jura from publisher Marc Gassmann, and in eastern French-speaking Switzerland on the Nouvelliste and the Fribourg Liberté - in short, the last four regional newspapers in western Switzerland that are still independent of large groups. Insiders in the Jura Arc are already discouragingly predicting that the merger into a single regional newspaper is "probably inevitable in the long term". In the east, Hersant could isolate Liberté by taking a detour via Nouvelliste: The Fribourg newspaper is in the hands of nuns who will have to make a succession plan in the medium term.
Helen Brügger
The problem, however, is that over 60% of the shares are tied up in a shareholders' convention. It provides for a right of first refusal for the members of the convention. The purpose of this convention is to ensure that the Nouvelliste remains in Valaisan hands. Instead of unity, however, the convention creates discord: firstly between the shareholders who are inclined to cooperate with Hersant, secondly those who are loyal to Edipresse, and thirdly those who (like the other two groups, by the way) swear hand on heart that the independence of the paper is their top priority. Meanwhile, editor-in-chief Jean Bonnard defends the independence of the editorial team.
In recent weeks, the waters have once again risen. Liberté revealed the Hersant Group's attempt to get a share purchase past the shareholders' convention. This is based on a written proposal that ended up in the hands of CEO Jean-Yves Bonvin. According to Roger de Diesbach, the author of the article, this proposal contains the following offer to the Chairman of the Board of Directors, Jean-Marie Fournier: the Hersant Group will give Fournier, who owns 20 percent of the shares, a loan equal to the value of these shares.
The loan is repayable exclusively in the form of shares, which means that Fournier remains formally in possession of shares that indirectly belong to Hersant. While Hersant spokesman Jacques Richard denies this, Fournier admits to having received the proposal. However, he never signed it. For Fournier and his allies on the Board of Directors, this is a story that Edipresse has made up via Liberté with the aim of damaging Fournier - an absurd accusation for anyone who knows Roger de Diesbach and his fight for an independent press.
Edipresse boss Tibère Adler "takes note" that Jean-Marie Fournier has not signed the secret contract, but is aware of "very far-reaching negotiations". However, shareholder Edipresse intends to exercise its right to block all shares in a joint account in order to prevent "wild transactions". In the event that a share transfer has nevertheless already taken place, the publisher reserves the right to take legal action.
Jean-Yves Bonvin is not taking the story lightly. "If shares were sold unofficially, this could have legal consequences." Not only could other Valais shareholders see their rights violated, but also Edipresse, as the Lausanne publishing house also has vested pre-emption rights. Bonvin is not only disturbed by the Hersant Group's "covert approach" to the secret project, but also by the fact that the composition of a new board of directors is apparently already being determined with people close to Hersant. In addition, the paper envisages a "publishing council" that would have to take care of the editorial line of the Nouvelliste, bypassing publisher Bonvin and editor-in-chief Bonnard.
The idea of the "Publishers' Council" is probably the brainchild of Jean-Marie Fournier. The old-school Valaisan, known as the "King of Veysonnaz", where he deals in real estate and ski slopes, is a passionate Christian Democrat and has long believed that the Nouvelliste should get back on track. Jean-Yves Bonvin defends the paper: "Nobody can turn back the clock. The editorial line of the newspaper corresponds to the changed reading habits and thus also to the journalistic and economic necessities of the newspaper."
Diverging interestsFormer Nouvelliste editor-in-chief François Dayer, who has worked as a journalist in Valais for forty years, retired a few days ago. He warns: "The minority shareholding of a large group is not a problem. But if Hersant wants to enter the share capital, it certainly won't be to make do with a minority stake." It becomes dangerous when a large group takes control of the means of production, as Hersant did in Neuchâtel: "The interests of a large publishing group and the interests of a newspaper are not the same."
How much does Hersant already own?
to seize power, Hersant would have to acquire 40 percent of the tied shares. Has he perhaps already been able to buy other share packages with similar means? "All speculation is open," says Jean-Yves Bonvin, who does not, however, believe that Hersant has already achieved the 40 percent. Whatever the case, Le Nouvelliste is an important piece on the chessboard for the powerful French group, as Hersant's shopping spree in French-speaking Switzerland has so far been rather disappointing. Apart from the local newspaper La Côte on Lake Geneva and the two regional newspapers L'Express and L'Impartial in the canton of Neuchâtel, he has only been able to make a few significant purchases in the newspaper sector - however, the fact that he was also able to acquire the printing plant in Neuchâtel, which he expanded into a state-of-the-art printing center, gives him great influence with small newspapers in French-speaking Switzerland. If he could lay his hands on the Nouvelliste and the associated printing plant, this would allow him to achieve journalistic and industrial synergies.
Hersant's strategy is foreseeable: In the Jura Arc, he has his sights set on the newspapers Le Quotidien Jurassien from publisher Michel Voisard and the Journal du Jura from publisher Marc Gassmann, and in eastern French-speaking Switzerland on the Nouvelliste and the Fribourg Liberté - in short, the last four regional newspapers in western Switzerland that are still independent of large groups. Insiders in the Jura Arc are already discouragingly predicting that the merger into a single regional newspaper is "probably inevitable in the long term". In the east, Hersant could isolate Liberté by taking a detour via Nouvelliste: The Fribourg newspaper is in the hands of nuns who will have to make a succession plan in the medium term.
Helen Brügger
