Canal+ To Become Standalone Company As Vivendi Shareholders Approve Spinoff Plan

deadline.com:

Canal+ is set to become a standalone company after shareholders of its parent, Vivendi, overwhelmingly approved a spinoff plan.

More than 97.5% voted to separate Canal+, ad business Havas and publisher Louis Hachette Group. They will begin trading on the London Stock Exchange, Euronext Amsterdam and Euronext Growth Paris, respectively, on December 16.

About 72% of Vivendi shareholders were present at the vote. Canal+ is known for its European pay-TV operations and is also the owner of Paddington in Peru‘s Studiocanal.

It has been aggressively investing in international streamer Viu and Africa’s MultiChoice, and can now look forward to a more independent future, albeit still within the Vivendi group. “We are delighted with the very high adoption rate of our spinoff project,” said Vivendi chairman Yannick Bolloré, whose family has led the demerger plan. “This indisputable result confirms this strong support of our shareholders for this transformative transaction. “The Supervisory Board would like to warmly thank Arnaud de Puyfontaine and the whole Management Board, all the teams involved in this project, our different advisors and our shareholders for their trust.