Bolloré (XPAR:BOL, Financial) was a detractor in the first half; however, we were very encouraged by the company’s execution and activity. In March Bolloré announced it signed an agreement to sell its African Logistics business to MSC Group for EUR 5.7 billion, which would put Bolloré in a net cash position and help simplify a complicated investment story. A friend once said to us, “Where there’s mystery, there’s margin.” We’ve found that complexity can lead to significant undervaluation in the stock market. Bolloré management appears to agree as they executed significant share repurchases in the year’s first half.
From the Yacktman Fund (Trades, Portfolio)'s second-quarter 2022 commentary.
