French media company Vivendi’s plan to separate into four businesses is moving a step closer after receiving approval from its supervisory board on Tuesday.
The proposal, which was first revealed back in December 2023, will be put to a vote by the company’s shareholders on Dec. 9 on whether to spin off pay TV giant Canal+, advertising giant Havas and publisher Louis Hachette Group. The split of Canal+ and Louis Hatchette Group will require approval by a two-thirds majority, while the separation of Havas will require a simple majority of votes.
“Should the spin-off project be approved by the Shareholders’ Meeting, the first listing of the shares of the three companies would take place on December 16, 2024, allowing for trading on the stock exchange from this date,” the company said in a statement. “It is reminded that the last day to acquire Vivendi shares for investors wishing to be allocated shares as part of this transaction is December 13, 2024.”
The shares being allocated or distributed will be allotted on a one-to-one basis. Each Vivendi shareholder entitled to participate in the spin-off will receive, for each Vivendi share held, one Canal+ share, one Havas N.V. share and one Louis Hachette Group share, while retaining their Vivendi shares.
Canal+ shares will trade on the London Stock Exchange, while Havas shares will trade on Euronext Amsterdam on Oct. 30. Louis Hachette Group shares will trade on Euronext Growth in mid November. Vivdendi would remain on Euronext Paris.
If the split moves forward, the Canal+ board would be comprised of 12 members, including eight who are independent.
The members will be supervisory board chair Yannick Bolloré, former Paramount Global CEO Bob Bakish, Jean-Christophe Thiery, Arnaud de Puyfontaine, Philippe Bénacin, Xavier Mayer, Pierre-Ignace Bernard, Emmanuelle Malecaze-Doublet, Christel Heydemann, Ségolène Gallienne-Frère, Maud Bailly, and Martine Studer. The management board will include chief executive officer Maxime Saada, deputy CEOs Jacquess du Puy and Anna Marsh and chief financial officer Amandine Ferré.
On the spin-off date of Dec. 16, Havas will have virtually zero net debt, while Canal+ will have net debt of pproximately €400 million, of which €255 million is related to its investment in MultiChoice Louis Hachette Group will have no debt of its ownm while Vivendi will have a debt net of €1.9 billion after deduction of the €540 million loan granted to Lagardère in June.
