As a seasoned investor with a penchant for media conglomerates, I find this move by Vivendi intriguing and potentially lucrative. The proposed split into four independent companies, each focusing on a distinct sector, seems like a strategic maneuver to capitalize on the unique growth opportunities in each domain.
Under the leadership of Yannick Bolloré as chairman and Arnaud de Puyfontaine as CEO, Vivendi’s board has endorsed a four-way division plan. This proposal will be put to a shareholder vote on December 9th. If it passes, Vivendi will undergo a separation process, splitting off Canal+ (a major pay-TV company), Havas (an advertising heavyweight), and the Louis Hachette Group (which includes its 66.53% stake in Lagardère and complete control over Prisma Media) from the main Vivendi conglomerate.
If the shareholders’ meeting agrees to the spin-off project, the initial public offerings (IPOs) of shares from the three companies will occur on December 16, 2024, enabling trading on the stock exchange starting from that date, Vivendi announced on Tuesday.
Canal+ stocks will be traded on the London Stock Exchange, Havas on the Euronext Amsterdam market, and its publishing division will be listed on the Euronext Growth exchange in Paris. However, Vivendi intends to maintain its shares on the Euronext Paris exchange only.
On Tuesday, the inner workings of the four new companies were unveiled, with a strong emphasis on maintaining the current state of affairs. In the case of Vivendi, I’m excited to see that Bolloré will stay as chairman while de Puyfontaine continues in her role as CEO. For Canal+, Bolloré will take on the chairmanship, but Maxime Saada remains the CEO. At Havas, Bolloré will hold both the chairman and CEO positions. Lastly, Jean-Christophe Thiery steps into the dual roles of chairman and CEO at Louis Hachette.
The proposed spin-off aims to maximize the growth potential across Vivendi’s diverse business sectors. The company highlighted that since the 2021 distribution and listing of Universal Music Group, it has faced a steep conglomerate discount, diminishing its value and restricting opportunities for external growth within its subsidiaries, which are thriving in an international market with abundant investment possibilities. Vivendi concluded that if the spin-off is approved, Canal+, Havas N.V., and Louis Hachette Group would gain the flexibility to tailor their capital structures to suit their unique market demands. These entities will pursue independent strategic objectives, such as acquisitions and other growth initiatives. Meanwhile, Vivendi will maintain its role as a key player in the content and entertainment sectors, continuing to foster the evolution and expansion of its subsidiaries while actively managing its investments.
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2024-10-29 12:24