Vivendi's Canal+ eyes expansion in Africa, Asia ahead of London listing
18/11/2024 18:17
Nov 18 (Reuters) - French broadcaster Canal+
IPO-GROU.L highlighted its intention to become a
global-content platform, seeing Asia and Africa as high-growth
markets during its Capital Markets Day on Monday, ahead of its
prospective listing on the London Stock Exchange.
"The focus is definitely towards English-speaking
(countries). And of course, London is a much more adequate
location to list than any other location in Europe," CEO Maxime
Saada said.
Canal+ has had a strong presence in French-speaking Africa
for decades, and has been targeting an expansion in
English-speaking Africa as it nears the acquisition of South
Africa's MultiChoice MCGJ.J .
The group behind the Paddington films is seeking to expand
in Asia through its stake in Hong-kong based Viu and consolidate
in Europe with a stake in Swedish platform Viaplay VPLAYb.ST .
Saada said MultiChoice would be instrumental in Canal+'s aim
of increasing its customer base beyond its 50 million target.
Launched as a pay-TV channel in 1984 in France, Canal+ has
cemented its position as one of the world's leading broadcasters
of live sports events, while also distributing streaming
services and producing films via its Studiocanal unit.
The firm, which is expected to spin off from parent company
Vivendi VIV.PA in December, declined to provide estimates on
valuation.
In October, Yannick Bollore, chairman of Vivendi and
Canal+'s supervisory board, said Canal+ was worth around 6.8
billion euros.
If the valuation is confirmed, Canal+'s float in London
would be the largest listing in Britain since 2022.
However, Vivendi's split project must be approved by the
shareholders before Canal+'s demerger can go through.
Shareholders will vote on the plan at an extraordinary
general meeting on Dec. 9.
Minority stakeholders CIAM and Phitrust have urged other
shareholders to vote against the break-up, saying it would only
increase control of the Bollore family.
Bollore will hold a 31% stake in Canal+ after the spin-off.
"When it comes to the chairman of the board, myself, I
cannot say I'm independent ..." Yannick Bollore said during the
Canal+ event. "This is why we have decided to appoint a fully
independent lead independent director ... All the shareholders
will have the same rights, whether it is the Bolloré Group or
any other shareholders, he said.
(Reporting by Gianluca Lo Nostro, Leo Marchandon and Mara
Vilcu; editing by David Evans)
((gianluca.lonostro@thomsonreuters.com;
leo.marchandon@thomsonreuters.com;
mara.vilcu@thomsonreuters.com))