The supervisory board of Vivendi, led by chairmanship Yannick Bolloré and CEO Arnaud de Puyfontaine, has approved a plan for a split into four companies, with shareholders set to vote on it on Dec. 9. If approved, it will lead to the separation of pay-TV giant Canal+, advertising powerhouse Havas and publishing firm Louis Hachette Group, which consists of the firm’s 66.53 percent stake in Lagardère and full ownership of Prisma Media, from Vivendi.
“Should the spin-off project be approved by the shareholders’ meeting, the first listing of the shares of the three companies would take place on December 16, 2024, allowing for trading on the stock exchange from this date,” Vivendi said on Tuesday.
Canal+ shares would trade on the London Stock Exchange, Havas on the Euronext Amsterdam market, while its publishing business would be listed on the Euronext Growth exchange in Paris. Vivendi is planning to keep its shares listed on the Euronext Paris exchange.
Management and board member details for the four post-split companies were also detailed on Tuesday, with a focus on the status quo. At Vivendi, Bolloré will remain chairman and de Puyfontaine CEO. At Canal+, Bolloré will serve as chairman, with Maxime Saada remaining CEO. Bolloré will keep his chairman and CEO titles at Havas. And Jean-Christophe Thiery will be chair and CEO of Louis Hachette.
The spin-off plan is designed “to fully unleash the development potential of Vivendi’s different activities,” the company once again emphasized. “The group has endured a very high conglomerate discount since the distribution and listing of Universal Music Group (UMG) in 2021, significantly reducing its valuation and limiting its ability to carry out external growth transactions for its subsidiaries, which are nonetheless experiencing strong dynamism in an international context marked by numerous investment opportunities.”
Concluded Vivendi: “Should the spin-off project be approved, Canal+, Havas N.V. and Louis Hachette Group will have the capacity to independently allocate and optimize their capital structures to address their specific market dynamics. These companies will pursue their own strategic objectives, including through acquisitions and other growth opportunities. Vivendi, for its part, will remain a leading player in the content and entertainment industries. It will continue to support the transformation and development of its subsidiaries and actively manage its investments.”