French conglomerate Vivendi is looking to list its pay TV group Canal+ on the London Stock Exchange, according to a report by Bloomberg.
If true, the move would follow on from news that emerged last year that billionaire Vincent Bolloréwas looking to split Vivendi into three businesses —Canal+, advertising banner Havas and an investment vehicle comprising Lagardere Group — which would each be listed separately.
According to Bloomberg, Vivendi was working with advisers, including BNP Paribas, on a listing that could place before the end of the year. However, it said that no final decision on time of place had yet been made. Contacted by PvNew, Vivendi had no comment.
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The report saw Vivendi shares rise as much as 6.4% on Thursday, reaching their highest level since June 16, 2022.
Canal+’s listing in London would be a boon for the capital’s flagship market and comes as the local watchdog readies an overhaul of rules and a reduction of red tape aimed at attracting more listings.
PvNew reported last year that, over the previous decade, Vivendi’s annual turnover fell from €29 billion to €10 billion after it divested high profile assets including Universal Music Group. But shareholders — which include Bolloré — have become richer in the process. The billionaire scored a major coup by listing Universal Music Group and giving Vivendi shareholders ownership of 60% of the music powerhouse whose talent roster includes Taylor Swift and Drake. In its first day at the Euronext Amsterdam exchange, UMG’s shares skyrocketed by 39% to reach a valuation of nearly $53 billion.
The idea behind breaking down Vivendi into separate businesses would b e to help Bolloré and Vivendi shareholders seek a higher valuation for Canal+ and Havas and better leverage the growth of these assets.
