Vivendi shareholders have approved the separation of its pay-TV company Canal+.
More than 97.5 per cent of votes agreed the separation of Canal+ should proceed at yesterday’s Combined General Shareholders Meeting of Vivendi, said the company.
A quorum of 71.96 per cent of shareholders were either present or represented at the meeting, which also approved the separation of Havas and Louis Hachette Group. Totalling 97.57 per cent, the number of votes passed the two-thirds majority threshold required under French law for partial demergers. Canal+ will now be listed separately, with shares traded on the London Stock Exchange as well as the Euronext bourses in Paris and Amsterdam.
Yannick Bolloré, chairman of the Vivendi shareholders’ meeting, commented, “We are delighted with the very high adoption rate of our spin-off project. This undisputable result confirms the strong support of our shareholders for this transformative transaction. We are convinced that this new chapter for Canal+, Havas and Louis Hachette Group will be very promising and create value for all stakeholders.”
The first listing of the shares will take place on December 16th with settlement-delivery of Canal+, Havas NV and Louis Hachette Group to entitled Vivendi shareholders taking place on December 18th. December 13th is the last day for investors wishing to acquire Vivendi shares as part of this spin-off, said the company.
