Vivendi Shareholders Approve Split into Canal+, Havas, Hachette with 97% Approval

Dec 9, 2024, 02:49 PM

Vivendi shareholders have overwhelmingly approved a plan to split the French media conglomerate into four separate entities, each to be listed on different stock exchanges. The move, spearheaded by Vivendi's major shareholder Vincent Bolloré, aims to enhance his control over the company at a lower cost. The spin-offs include Canal+, which will be listed in London, Havas in Amsterdam, and Hachette in Paris. Despite opposition from some shareholders and public protests, the resolutions to split Canal+, Havas, and Hachette were passed with over 97% approval. Yannick Bolloré, president of Vivendi, defended the strategy during the shareholders meeting, stating that if the Bolloré Group had wanted to take control of Vivendi, they would not have chosen this project of division. The decision to split Vivendi is seen as a strategic move to unlock value and potentially increase the overall market valuation, though critics argue it might diminish the conglomerate's global value. The spin-offs are expected to start trading as of next week.