Oddo maintains its 'neutral' rating on Bolloré shares, with an unchanged target price of 6.6 euros.

The research firm points out that yesterday, Bolloré announced the completion of the sale of Bolloré Africa Logistics to MSC for 5.7 billion euros. After the transaction, Bolloré should have a net cash position of around 4 billion euros, continues Oddo.

The broker also considers it "unlikely" that the group will be inactive and keep this cash on the balance sheet. The analyst identifies two possible scenarios:
- a bid by Compagnie de l'Odet for Bolloré (66.6% owned), which has acquired a large number of shares (485 ME) on the market since May 2022. It could be tempted to launch a bid and take advantage of Bolloré's discount. The 2 groups would then be merged
- a public offer by Bolloré for Vivendi, or even by the new group resulting from the merger with Odet.

'Bolloré is an attractive stock to take advantage of the simplification that should take place in 2023. However, the 2023 momentum is likely to be more difficult, and the upside potential now seems more limited, which could limit the prospect of a high premium in the event of a minority buyout', concludes the broker.


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