Vivendi Eyes London Stock Exchange Listing For Canal+ As Part Of Company Split Project

Canal+ could gain a London Stock Exchange listing as part of Vivendi’s exploration of whether to split its business in three.

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Since December, the France-based media giant has been studying if it should separate Canal+, ad business Havas and publisher Lagardère with their own stock market listings. Today, it released a statement saying its study as “demonstrated the feasibility of this project under satisfactory conditions.”

Under the plan, each company would keep the “decision-making center of their activities, as well as their operational teams, in France.”

Canal+, however, would be listed on the London Stock Exchange, which would “reflect the company’s international dimension” as it moves towards a deal to buy Africa’s MultiChoice.

Vivendi noted “close to two thirds” of Canal+’s subscribers are outside of France, with other parts of Europe, Africa and Asia-Pacific driving growth. This would make London “an attractive solution for international investors.”

Canal+ would remain incorporated and taxed in France and not be subject to mandatory stock market regs on public offers in either France or the UK. Furthermore, should its public tender offer for Showmax parent company MultiChoice be successful, a secondary listing on the Johannesburg stock market could follow.

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The move would leave Canal+, which houses pay-TV operations around the world and production division Studiocanal, with “virtually zero net debt,” besides the used for the MultiChoice deal. The Bolloré family that controls Vivendi would be left with a shareholding of around 30.6%.

Havas, meanwhile, would be listed on the Euronext Amsterdam stock exchange and a newly named company, Louis Hachette Group, would bring together Vivendi’s publishing assets on France’s Euronext Growth, with subsidiary Lagardère keeping its listing on the regulated Euronext Paris.

Vivendi would still provide services to all three companies.

No decision has been made as to whether the split will happen, but with Vivendi calling the plan “feasible” a decision to move ahead could come at the end of October ahead of an Extraordinary Shareholders’ Meeting in December. The change would need a two-thirds majority.

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