Business
Vivendi presents its project to enter Canal+ on the London Stock Exchange
Canal+ could be listed on the London Stock Exchange as part of Vivendi's study into the possibility of splitting its activities into three.
Since December, the French media giant has been studying the possibility of separating Canal+, advertising agency Havas and publisher Lagardère by listing them on the stock exchange. Today, it issued a statement saying that its study “has demonstrated the feasibility of this project under satisfactory conditions.”
According to this plan, each company would keep “the decision-making center for its activities, as well as its operational teams, in France.”
Canal+ would, however, be listed on the London Stock Exchange, which would “reflect the international dimension of the company” as it moves towards a deal to buy African MultiChoice.
According to Vivendi, “nearly two-thirds” of Canal+ subscribers are outside France, with other regions in Europe, Africa and Asia-Pacific driving growth. London would therefore be “an attractive solution for international investors.”
Canal+ would remain registered and taxed in France and would not be subject to mandatory stock market rules on takeover bids in France or the UK. In addition, if its takeover bid for Showmax's parent company MultiChoice were to succeed, a secondary listing on the Johannesburg Stock Exchange could follow.
Canal+, which groups together the pay-TV activities worldwide and the Studiocanal production division, would end up with “virtually zero net debt”, apart from that used for the MultiChoice operation. The Bolloré family, which controls Vivendi, would retain a stake of around 30.6%.
Havas would be listed on the Euronext Amsterdam stock exchange and a new company, Louis Hachette Group, would group together Vivendi's publishing assets on Euronext Growth in France, with the Lagardère subsidiary retaining its listing on the regulated Euronext Paris market.
Vivendi would continue to provide services to the three companies.
No decision has been made on whether to proceed with the split, but with Vivendi calling the plan “feasible,” a decision on implementation could come in late October, ahead of an extraordinary general meeting in December. The change would require a two-thirds majority.
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