Vivendi's supervisory board, led by Chairman Yannick Bolloré and CEO Arnaud de Puyfontaine, has approved a plan to split into four companies, on which shareholders will vote on December 9. If approved, it will lead to the separation of pay-TV giant Canal+, advertising giant Havas and publishing house Louis Hachette Group, which consists of the company's 66.53% stake in Lagardère and full ownership of Prisma Media, Vivendi .
“Should the demerger plan be approved by the shareholders' meeting, the first listing of the shares of the three companies would take place on December 16, 2024, allowing them to be traded on the stock exchange from that date,” Vivendi said on Tuesday. .
Canal+ shares would be listed on the London Stock Exchange, Havas shares on the Euronext market in Amsterdam, while its publishing activities would be listed on the Euronext Growth stock exchange in Paris. Vivendi intends to keep its shares listed on the Euronext stock exchange in Paris.
Details on the management and board members of the four post-split companies were also detailed on Tuesday, with a focus on the status quo. At Vivendi, Bolloré will remain president and CEO of de Puyfontaine. Bolloré will hold the role of president of Canal+, while Maxime Saada will remain CEO. Bolloré will retain his titles as president and CEO of Havas. And Jean-Christophe Thiery will be president and CEO of Louis Hachette.
The spin-off plan is designed “to fully unleash the development potential of Vivendi's various activities,” the company underlined once again. “The group has suffered a very large conglomerate discount from the distribution and listing of Universal Music Group (UMG) in 2021, significantly reducing its valuation and limiting its ability to execute external growth deals for its subsidiaries, which are however experimenting a strong dynamism in an international context characterized by numerous investment opportunities.”
Vivendi concluded: “Should the spin-off project be approved, Canal+, Havas NV and Louis Hachette Group will have the ability to independently allocate and optimize their capital structures to address specific market dynamics. These companies will pursue their strategic objectives, including through acquisitions and other growth opportunities. Vivendi, for its part, will remain a leading player in the content and entertainment sectors. It will continue to support the transformation and development of its subsidiaries and actively manage its investments.”