Canal+ Shares Drop 16% Following London Stock Exchange Debut
The French media giant's spin-off from Vivendi marks London's largest IPO in two years but faces initial volatility and valuation challenges.
- Canal+, spun off from Vivendi, debuted on the London Stock Exchange with shares falling 16% on the first day of trading, valuing the company at £2.4 billion.
- The listing is part of Vivendi's broader strategy to dismantle its conglomerate structure, with Havas and Louis Hachette Group also debuting on Amsterdam and Paris exchanges, respectively.
- Executives attributed the initial share price drop to expected volatility as Vivendi shareholders offload holdings due to restrictions on owning non-French stocks.
- Canal+ plans to use its London listing to expand its global reach, particularly through its acquisition of Africa's MultiChoice and investments in Asia's Viu streaming platform.
- Chancellor Rachel Reeves hailed the listing as a 'vote of confidence' for the UK market, though analysts have noted London's struggles with IPO departures and low activity in recent years.