Vivendi shares sing on Universal Music float plan
Vivendi investors despatched shares surging by far more than a fifth just after the media large confirmed plans to checklist Common Audio as a €30bn (£26bn) firm by the conclude of the year.
The French group, managed by the billionaire Bollore household, is poised to dollars in on a growing investor hunger for songs investments by offloading 60pc of Common with an Amsterdam listing.
Affirmation of the strategy, which is probably to win shareholder approval at a March 29 meeting, despatched Vivendi shares up 20pc to €31.41 in Paris, valuing the firm at €37bn.
The firm plans to retain a 20pc keeping in Common pursuing the float just after offering two 10pc stakes to Tencent, the Chinese tech and enjoyment conglomerate.
In a memo to personnel on Saturday, Vivendi chief govt Arnaud de Puyfontaine and chairman Yannick Bollore mentioned the decision to open up Common Music’s share cash to Tencent experienced “confirmed its attractiveness with strategic traders”.
“UMG would be in a position to choose edge of enormously increased monetary overall flexibility to pursue its dynamic growth and its revolutionary purpose in the songs and enjoyment industry, to the benefit of artists and lovers almost everywhere,” they additional.
Vivendi owns 80pc of Common together with investments in French broadcaster Canal+, movie and Television creation firm Studiocanal, marketing company Havas, e book publisher Editis and Gamesloft, the cellular video games maker.
