The supervisory board of Vivendi, led by chairmanship Yannick Bolloré and CEO Arnaud de Puyfontaine, has authorized a plan for a cut up into 4 corporations, with shareholders set to vote on it on Dec. 9. If authorized, it is going to result in the separation of pay-TV large Canal+, promoting powerhouse Havas and publishing agency Louis Hachette Group, which consists of the agency’s 66.53 p.c stake in Lagardère and full possession of Prisma Media, from Vivendi.
“Ought to the spin-off venture be authorized by the shareholders’ assembly, the primary itemizing of the shares of the three corporations would happen on December 16, 2024, permitting for buying and selling on the inventory alternate from this date,” Vivendi stated on Tuesday.
Canal+ shares would commerce on the London Inventory Alternate, Havas on the Euronext Amsterdam market, whereas its publishing enterprise can be listed on the Euronext Development alternate in Paris. Vivendi is planning to maintain its shares listed on the Euronext Paris alternate.
Administration and board member particulars for the 4 post-split corporations had been additionally detailed on Tuesday, with a concentrate on the established order. At Vivendi, Bolloré will stay chairman and de Puyfontaine CEO. At Canal+, Bolloré will function chairman, with Maxime Saada remaining CEO. Bolloré will hold his chairman and CEO titles at Havas. And Jean-Christophe Thiery will likely be chair and CEO of Louis Hachette.
The spin-off plan is designed “to completely unleash the event potential of Vivendi’s completely different actions,” the corporate as soon as once more emphasised. “The group has endured a really excessive conglomerate low cost for the reason that distribution and itemizing of Common Music Group (UMG) in 2021, considerably lowering its valuation and limiting its capability to hold out exterior progress transactions for its subsidiaries, that are nonetheless experiencing robust dynamism in an worldwide context marked by quite a few funding alternatives.”
Concluded Vivendi: “Ought to the spin-off venture be authorized, Canal+, Havas N.V. and Louis Hachette Group may have the capability to independently allocate and optimize their capital buildings to handle their particular market dynamics. These corporations will pursue their very own strategic aims, together with by acquisitions and different progress alternatives. Vivendi, for its half, will stay a number one participant within the content material and leisure industries. It is going to proceed to help the transformation and growth of its subsidiaries and actively handle its investments.”