Quintessential French television station Canal+ is plotting a share listing on the London Stock Exchange following a split up of parent company Vivendi.
In December 2023, Vivendi initiated a feasibility study for an atomisation of its operations after struggling with a suppressed market valuation.
Today, Vivendi announced that its three main subsidiaries, Canal+, Havas and Lagardère, will become independent entities with individual stock market listings.
Pending shareholder approval, Vivendi has opted to list Canal+ on the London Stock Exchange “to reflect the company’s international dimension, particularly as part of the ongoing combination with MultiChoice”.
Nearly two-thirds of Canal+’s subscribers are outside of France, with Vivendi stating that “a London-based listing would represent an attractive solution for international investors likely to be interested in the group”.
Havas, Vivendi’s advertising wing, will join the Euronext Amsterdam bourse, while a newly named entity Louis Hachette Group, comprising Vivendi’s publishing and distribution offerings, will be listed on the Euronext Growth segment in Paris.
Canal+ will remain a company incorporated and taxed in France.
Vivendi said there may be scope for a secondary listing in Johannesburg.
Vivendi is currently valued at €11.4 billion.