The French media conglomerate Vivendi Group announced on Monday that it will pursue a listing for its pay-television business, Canal+, in London.
Vivendi is controlled by the French billionaire Vincent Bolloré.
“Canal+ would be listed on the London Stock Exchange to reflect the company’s international dimension, particularly as part of the ongoing combination with MultiChoice.,” said Vivendi.
“With close to two thirds of its subscribers outside of France, a film and TV series distribution network present on all continents, and growth drivers resulting from its recent developments on the African, European and Asia-Pacific markets, a London-based listing would represent an attractive solution for international investors likely to be interested in the group.
“Canal+ would remain a company incorporated and taxed in France and would not be subject to mandatory stock market regulations on public offers in either the United Kingdom or France.
“Furthermore, Canal+, depending on the success of its public tender offer for MultiChoice, could be subject to a secondary listing on the Johannesburg stock market.”
Vivendi’s decision is part of a broader strategy to streamline the media giant, which also involves listing its advertising business, Havas, in Amsterdam.
“Havas, with the majority of its activities being carried out internationally, would be listed as a Dutch public limited liability company (NV) on the Euronext Amsterdam stock exchange, which already witnessed UMG’s success,” said Vivendi.
“Havas NV would be subject to Dutch stock market regulations and adhere to the Dutch Corporate Governance Code. As a result, Havas would be in the best possible position to carry out its new global strategy, Converged, continue its solid growth as well as its strong commercial and creative momentum, and stabilize its share capital, ensuring its sustainability for its talents and clients.
“To this end, a Dutch legal foundation would guarantee the preservation of the group’s independence and identity, and multiple voting rights, initially double after two years of holding, then quadruple two years later, would be offered to long term committed shareholders, taking into account the length of time the Vivendi shares were held for the double voting rights.”
Furthermore, Vivendi said a newly named company, Louis Hachette Group, would bring together the assets owned by Vivendi in publishing and distribution, i.e., the Group’s 63.5% shareholding today in Lagardère SA and 100% of Prisma Media.
“This company would be listed on Euronext Growth in Paris, consistent with the continued listing of its subsidiary Lagardère SA on the regulated market of Euronext Paris.”
