Trading opens for Bollore's empire after Vivendi breakup

Havas NV

16/12/2024 07:45

Dec 16 (Reuters) - Vivendi's  VIV.PA  newly spun-off
entities Canal+, Havas and Louis Hachette Group will start
trading in London, Amsterdam and Paris respectively on Monday,
after shareholders of the French media conglomerate voted
overwhelmingly in favour of the high-stakes split project on
Dec. 9.
    Broadcaster Canal+  CAN.L  is set to start trading in London
as the stock exchange's largest new listing in two years.
    The company's decision to list in London, announced in July,
was a much-needed boost for Britain's stock exchange which has
seen a series of departures and few high-profile joiners in
recent years.
    British finance minister Rachel Reeves hailed it as a "vote
of confidence" in the country's market on Friday.
    Advertising company Havas  HAVAS.PA  will debut on Euronext
Amsterdam, while the publishing arm Louis Hachette  ALHG.PA 
will trade on Euronext Growth Paris. Lagardere  LAGA.PA ,
majority owned by Louis Hachette following the spin-off, will
stay listed on Euronext Paris.
    At respective reference prices of 1.79 euro and 1.12 euro,
Havas' implied valuation is 1.78 billion euros ($1.87 billion)
and that of Louis Hachette is 1.1 billion euros, Euronext said
on Friday.
    J.P.Morgan analysts have estimated Canal+ to be worth about
6 billion euros, Havas 2.5 billion euros and Louis Hachette
around 2.2 billion euros.
    Vivendi resumes trading on Euronext Paris without the
spinoffs and remains a part of the blue-chip CAC40 index  .FCHI 
for now, though it may exit it at a later date, supervisory
board chairman Yannick Bollore said.
($1 = 0.9514 euros)

 (Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk;
Editing by Milla Nissi)
 ((gianluca.lonostro@thomsonreuters.com;
leo.marchandon@thomsonreuters.com))