The shareholders of French media conglomerate Vivendi have approved a proposal to break up the group into three separately listed companies - Canal+, Havas and Louis Hachette Group.
The first trading day for the shares of each of these three companies will take place on December 16.
Broadcasting group Canal+ will be listed on the London Stock Exchange, but will remain headquartered in Paris.
Advertising agency Havas will float in Amsterdam, while publishing company Louis Hachette Group will trade on Euronext Growth in Paris.
Vivendi announced it was carrying out a feasibility study into splitting up its business in December 2023, noting that it was suffering a high conglomerate discount which was substantially reducing its valuation.
The spin-off project, which was proposed by chairman Yannick Bolloré, was supported by more than 97.5% of Vivendi shareholders.
A two-thirds majority was required to validate the split during a Vivendi extraordinary general meeting in Paris.
According to JP Morgan, Canal+ is estimated to be worth €6bn, Havas is valued at €2.5bn and Louis Hachette is estimated at €2.2bn.
Bolloré said: “We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction. We are convinced that this new chapter for Canal+, Havas and Louis Hachette Group will be very promising and create value for all stakeholders.”
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