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The French entertainment powerhouse Canal+, renowned for producing the beloved Paddington film franchise, is poised to make its debut on the London Stock Exchange next week following an overwhelming shareholder approval for the break-up of its parent company, Vivendi.
The Paris-based media giant, boasting an impressive 27 million pay TV subscribers globally and holding rights to classic British cinema including the Ealing comedies and Carry On films, will establish its presence in London’s financial markets through a strategic spin-off from Vivendi. The move, approved by a remarkable 97.5 per cent majority of shareholders, represents a significant victory for London’s financial sector.
Market analysts project Canal+’s valuation to range between €5 billion and €6 billion upon its trading commencement. Despite its substantial size, the company’s French domicile status will preclude its inclusion in the FTSE indices, though its projected valuation would have placed it on the cusp of FTSE 100 membership.
The restructuring will see Vivendi split into four distinct entities, with the Havas advertising agency listing in Amsterdam, the Louis Hachette books division in Paris, and the remaining Vivendi assets maintaining their Parisian listing. The Bolloré family, holding a 31 per cent stake in Vivendi, will maintain equivalent ownership across all spun-off companies, despite opposition from activist shareholders.
The London Stock Exchange’s successful attraction of Canal+ arrives amid ongoing efforts to enhance the city’s appeal as a listing destination, following several high-profile departures to Wall Street. The timing proves particularly crucial as Canal+ advances its expansion plans, including the acquisition of African TV streaming service MultiChoice and considerations for a secondary listing in Johannesburg.
The float is being orchestrated by a consortium of leading financial institutions, including Barclays, Bank of America, BNP Paribas, Evercore and Lazard. Vivendi’s shares closed at €8.86 in Paris, marking a 1.2 per cent increase and valuing the group at €9.2 billion, though recent months have seen some decline from previous highs above €10 as markets digest the implications of the break-up strategy.
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