Vivendi’s discount haunts Bollorés post-breakup

Havas NV

17/12/2024 12:40

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Johnson
       LONDON, Dec 17 (Reuters Breakingviews) - The media group
split in four to shed a conglomerate valuation penalty. The bits
are now collectively worth just 8 bln euros, implying no upside
from the move. One lesson is that the discount was always down
to the controlling Bolloré clan’s influence rather than the
structure.
    Full view will be published shortly.
    Follow @jenjohn_ on X
    
    CONTEXT NEWS
    Vivendi completed its breakup on Dec. 16 with the listings
of Canal+, Havas and Louis Hachette in London, Amsterdam and
Paris, respectively. The debuts followed a shareholder vote
earlier in the month.
    Shares of Canal+ fell during their first day of trading,
while Havas and Louis Hachette both rose.
    Vivendi’s remaining holdings include gaming company
Gameloft, as well as stakes in listed groups such as Universal
Music Group and Telecom Italia.

 (Editing by Liam Proud and Oliver Taslic)
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