Louis Hachette Group may be listed in Paris (Il Sole 24 Ore Radiocor) - Paris, 22 Jul - The French conglomerate Vivendi said that it plans to list its paid television Canal+ unit on the London Stock Exchange, the publicity business Havas in Amsterdam and the newly named company publishing and distribution unit Louis Hachette Group in Paris.

Louis Hachette Group would bring together the group's 63.5% shareholding in Lagardere and 100% of Prisma Media.

Vivendi said that it "has endured a significantly high conglomerate discount, substantially reducing its valuation and thereby limiting its ability to carry out external growth transactions for its subsidiaries. Canal+, Havas and Lagardere are currently experiencing strong growth in an international context marked by numerous investment opportunities. To fully unleash the development potential of all its activities, in December 2023, Vivendi initiated the feasibility study of a split project where Canal+, Havas and a company grouping the assets in publishing and distribution would become independent entities listed on the stock market." The group said that if the project "were to proceed following the information and consultation procedure, a decision could be taken at the end of October 2024 with the aim of submitting it to an extraordinary shareholders' meeting which could be held in December 2024. This transaction would therefore only be carried out if it were to be approved, during this shareholders' meeting, by a two-thirds majority of the shareholders. To date, no regulatory authorizations have been identified as being required for this project to be executed." Following the allocation of the shares of the entities resulting from the split, the Bollore group would hold approximately 30.6% of the share capital and voting rights of Canal+ and Louis Hachette Group. It would hold approximately 30.6% of the share capital of Havas and could, due to the double voting rights, hold over 40% of the voting rights.

"The implementation of this project is not expected to lead to the launching of a public tender offer for Vivendi or for any of its separated entities," it added.

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(RADIOCOR) 22-07-24 11:24:43 (0240) 5 NNNN