Vivendi spinoffs, led by Canal+, lose value in first trading week post-breakup

Havas NV

20/12/2024 14:31

Dec 20 (Reuters) - The newly listed spinoffs of Vivendi
 VIV.PA  have seen their shares decline in their first week of
trading, after being listed on Monday in a move aimed at
unwinding the conglomerate discount of tycoon Vincent Bollore's
media empire.
    Shares of London-listed Canal+  CAN.L  have slumped 33%
since Monday, trading at 194 pence per share as of 1240 GMT on
Friday, compared to their debut price of 290 pence.
    Advertising agency Havas  HAVAS.AS , listed in Amsterdam,
saw a nearly 19% decline over the past five days, trading at
1.46 euros per share on Friday afternoon versus Monday's opening
price of 1.80 euros.
    Louis Hachette Group, the smallest of the three which
debuted on Paris' junior and unregulated exchange Euronext
Growth, has lost a chunk of its initial 18.3% gain from Monday
to trade 8% above its debut price at 1.29 euros.
    That gives Canal+ a market valuation of around 2.32 billion
euros ($2.41 billion), with Havas at 1.45 billion euros and
Louis Hachette at 1.28 billion euros.
    Vivendi was trading at 2.45 euros by 1240 GMT on Friday.
Prior to the high-stakes breakup, the Bollore family-controlled
group had a market value of 8.3 billion euros.
    Its post-split value, reflecting strategic stakes in
publicly traded companies such as Telecom Italia  TLIT.MI  and
Universal Music Group  UMG.AS  and in unlisted video games firm
Gameloft, stood at 2.43 billion euros.
    The sum-of-the-parts valuation, which includes the spinoffs,
has therefore contracted by nearly 10% to 7.5 billion euros.
    Chairman of Vivendi's supervisory board, Yannick Bollore,
had said in an interview with French daily Les Echos in October
that all of Vivendi's assets were valued at around 16 billion
euros in the group's accounts.
    The Paris-listed holding company, which Euronext excluded
from France's benchmark index CAC 40  .FCHI  on Wednesday, had
pitched the breakup of its activities as the only effective way
to reduce the estimated 40% conglomerate discount.
    
($1 = 0.9612 euros)

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Vivendi's breakup hits a snag    https://reut.rs/4iNybaY
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 (Reporting by Gianluca Lo Nostro in Gdansk; 
Editing by Milla Nissi)
 ((gianluca.lonostro@thomsonreuters.com;))