Vivendi's New Spin-off Entities Start Trading

(Reuters) – Vivendi (OTC:VIVHY)'s newly spun-off entities Canal+, Havas, and Louis Hachette Group will start trading in London, Amsterdam, and Paris respectively on Monday, after shareholders of the French media conglomerate voted overwhelmingly in favor of the high-stakes split project on Dec. 9.

Trading Details

Broadcaster Canal+ is set to start trading in London as the stock exchange's largest new listing in two years. The company's decision to list in London, announced in July, was a much-needed boost for Britain's stock exchange which has seen a series of departures and few high-profile joiners in recent years. British finance minister Rachel Reeves hailed it as a "vote of confidence" in the country's market on Friday.

Advertising company Havas will debut on Euronext (EPA:ENX) Amsterdam, while the publishing arm Louis Hachette will trade on Euronext Growth Paris. Lagardere, majority owned by Louis Hachette following the spin-off, will stay listed on Euronext Paris.

Valuations

At respective reference prices of 1.79 euro and 1.12 euro, Havas' implied valuation is 1.78 billion euros ($1.87 billion) and that of Louis Hachette is 1.1 billion euros, Euronext said on Friday. J.P. Morgan analysts have estimated Canal+ to be worth about 6 billion euros, Havas 2.5 billion euros, and Louis Hachette around 2.2 billion euros.

Vivendi's Status

Vivendi resumes trading on Euronext Paris without the spinoffs and remains a part of the blue-chip CAC40 index for now, though it may exit it at a later date, supervisory board chairman Yannick Bollore said.

($1 = 0.9514 euros)