That’s a big yes. Vivendi shareholders approved, this Monday, December 9, the plan to split the French media and publishing giant into four entities. The three resolutions put to the vote at the general meeting were each validated by more than 97%.
This step was necessary before the effective split of the conglomerate controlled by billionaire Vincent Bolloré. Canal + will, from December 16, be listed on the London Stock Exchange; Havas (communications) in Amsterdam; Louis Hachette Group in Paris. The Vivendi holding company will remain listed on the Paris Stock Exchange. According to the chairman of the board of Vivendi, Arnaud de Puyfontaine, it is “a new chapter in its history” which is opening for the group, “while remaining faithful to what it is”.
“The starting point” of the operation, announced a year ago, was “Vivendi’s stock price”, which “did not reflect the true value of its assets”, recalled Yannick Bolloré, son of Vincent Bolloré and Chairman of the Supervisory Board of Vivendi. The conglomerate discount reached 44%, which constituted “a handicap for us shareholders and for the development of our activities”, he added.
“This project is in the interest of all shareholders. There is no other alternative other than the status quo,” the manager also insisted. The split is causing some small, very minority shareholders to jump, who fear losing out and seeing Vincent Bolloré strengthen his control. Yannick Bolloré assured that the split is “the way to create value for all shareholders”. And if it were for the Bolloré group, the reference shareholder with 29.9% of Vivendi, to take control, “it is not this strategy that it would choose”.