14 Jun 2017
LIBERUM: Quarto* - Read-across from Hachette Publishing CMD
On Monday Hachette (Lagardère's Publishing arm) held a Publishing Capital Markets Day in Paris. We learned that bolt-on M&A is indispensable for Lagardère's day-to-day business. Management suggested that M&A could be focused around the US where it is currently underexposed (and too front-list weighted according to management).