Universal spin makes case for even slimmer Vivendi

Pershing Square Holdings

21/09/2021 10:06

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Liam Proud
    LONDON, Sept 21 (Reuters Breakingviews) - Tycoon Vincent
Bolloré has enriched himself and other shareholders by listing
the $53 bln label behind artists like Taylor Swift. But his
remaining media business still trades with a hefty discount.
Offloading his Italian holdings, and putting a stop to M&A,
would help fix that.   
    Full view will be published shortly.
    Follow @liamwardproud https://twitter.com/liamwardproud on
Twitter
    
    CONTEXT NEWS
    - Shares in Universal Music were trading at 25 euros after
listing in Amsterdam on Sept. 21. That gives the music label,
home to Taylor Swift and other major recording artists, an
equity value of 45.3 billion euros.   
    - Former parent Vivendi handed 60% of Universal to its
shareholders, including tycoon Vincent Bolloré, and kept a 10%
stake. The group has also sold 30% of Universal to hedge fund
Pershing Square and Chinese technology group Tencent.   
    - Shares in French conglomerate Vivendi were trading at
11.05 euros as of 0812 GMT on Sept. 21, compared with a closing
price of 31.53 euros on Sept. 20. 
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Investors tune in as Universal leaps on market debut   
 urn:newsml:reuters.com:*:nL8N2QN1AC
BREAKINGVIEWS-Universal offers Bill Ackman chart-topping returns
    urn:newsml:reuters.com:*:nL8N2QG438
BREAKINGVIEWS-Vivendi’s $40 bln music spinoff is Bolloré shuffle
    urn:newsml:reuters.com:*:nL8N2KL20J
BREAKINGVIEWS-Vivendi turns activists into shrinking violets   
 urn:newsml:reuters.com:*:nL3N2O4378
BREAKINGVIEWS-Bolloré gives coup de grâce in French tycoon spat 
   urn:newsml:reuters.com:*:nL8N2QI1RB
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Neil Unmack and Karen Kwok)
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