(Reuters) – Vivendi’s newly spun-off entities Canal+, Havas and Louis Hachette Group will begin buying and selling in London, Amsterdam and Paris respectively on Monday, after shareholders of the French media conglomerate voted overwhelmingly in favour of the high-stakes break up challenge on Dec. 9.
Broadcaster Canal+ is ready to begin buying and selling in London because the inventory alternate’s largest new itemizing in two years.
The corporate’s determination to record in London, introduced in July, was a much-needed increase for Britain’s inventory alternate which has seen a sequence of exits and few high-profile joiners in recent times.
British finance minister Rachel Reeves hailed it as a “vote of confidence” within the nation’s market on Friday.
Promoting firm Havas will debut on Euronext Amsterdam, whereas the publishing arm Louis Hachette will commerce on Euronext Development Paris. Lagardere, majority owned by Louis Hachette following the spin-off, will keep listed on Euronext Paris.
At respective reference costs 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 stated on Friday.
J.P.Morgan analysts have estimated Canal+ to be value about 6 billion euros, Havas 2.5 billion euros and Louis Hachette round 2.2 billion euros.
Vivendi resumes buying and selling on Euronext Paris with out the spinoffs and stays part of the blue-chip CAC40 index for now, although it could exit it at a later date, supervisory board chairman Yannick Bollore stated.
($1 = 0.9514 euros)
(Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk; Modifying by Milla Nissi)