Vivendi Shareholders Approve Break-Up into Four Independent Companies

The restructuring will see Canal+, Havas, and Louis Hachette Group spun off and listed on separate stock exchanges, enhancing Bolloré family control.

Vivendi's shareholders overwhelmingly voted, with over 97% approval, to split the conglomerate into four entities: Canal+, Havas, Louis Hachette Group, and the remaining Vivendi holding.
Canal+ will list on the London Stock Exchange on December 16, marking a significant move for the British financial market, while Havas and Louis Hachette Group will list in Amsterdam and Paris, respectively.
The Bolloré family, which owns 31% of Vivendi, will maintain significant influence over the spun-off companies, raising concerns from activist shareholders about increased control without mandatory takeover bids.
The restructuring aims to unlock shareholder value by addressing Vivendi's conglomerate discount, with analysts estimating the combined valuation of the separated entities to exceed €16 billion.
The decision has faced criticism from labor unions and activists, citing job cuts at Canal+ and accusations of circumventing French regulations to consolidate Bolloré's control.