Vivendi: Update on the Study of the Split Project
31 1월 2024 - 4:40AM
Business Wire
Regulatory News:
Vivendi’s (Paris:VIV) Management Board presented today to the
Supervisory Board an update on the feasibility study of the split
project announced on December 13, 2023.
Since the distribution and listing of Universal Music Group in
2021, Vivendi has endured a significantly high conglomerate
discount, substantially reducing its valuation and thereby limiting
its ability to carry out external growth transactions for its
subsidiaries. Canal+, Havas and Lagardère are currently
experiencing strong growth in an international context marked by
numerous investment opportunities.
In order to fully unleash the development potential of all its
activities, the Management Board of Vivendi proposed to the
Supervisory Board on December 13, 2023, the possibility to explore
the feasibility of a project to split the company into several
entities, each of which would be listed on the stock market.
The Management Board today proposed to the Supervisory Board –
which gave its approval on the matter – to structure the split
around four entities:
- Canal+ Canal+ Group has experienced significant growth
in recent years, reaching a subscriber base of over 25 million in
nearly 50 countries. Following the acquisitions of M7 and SPI, the
company has taken strategic stakes in businesses such as
MultiChoice, Viu and Viaplay, demonstrating its ability to identify
and seize promising opportunities across all its geographical
areas. In light of these successes, Canal+ is well-positioned to
capitalize on further consolidation opportunities on a global
scale.
- Havas As one of the global leaders in communications,
Havas brings together over 23,000 employees spread across more than
100 countries. The group has maintained a steady pace of targeted
acquisitions over the past two years, thereby strengthening its
range of expertise and geographic footprint. Havas has also
launched numerous innovative solutions to meet the needs of its
clients. The impressive momentum demonstrated by Havas on a global
scale paves the way for an accelerated development and the
continuation of its successful transformation.
- A company grouping the assets in publishing and
distribution This newly created entity would group Vivendi’s
majority stake in Lagardère and wholly owned Prisma Media.
Lagardère is a worldwide group present in more than 40 countries
with over 27,000 employees. It is the third largest book publisher
for the general public and educational markets and a global leader
in Travel Retail. It also includes press and live entertainment
activities. Prisma Media is the leader of magazine publications and
online media in France with a portfolio of some 30 brands. This
entity would foster collaboration between the different activities
related to publishing in its broadest sense.
- An investment company This investment company would own
listed and unlisted financial stakes in the cultural, media and
entertainment sectors. It would actively support the strategic
development of its portfolio companies and would focus on value
creation and capital return to its shareholders, through an
effective portfolio rotation and a targeted reinvestment
policy.
This split project would provide each of the four listed
companies with the human resources and the financial agility
necessary for their development.
This project will have to prove its added value for all
stakeholders and include an analysis of the tax consequences of the
various contemplated operations.
A new update on the study of the split project will be presented
to the Supervisory Board meeting convened on March 7, 2024, the day
of the publication of the Group’s 2023 annual results.
Several other important steps should be taken. These include,
amongst others, the consultation of the employee representative
bodies of the concerned entities, before which no decision in
principle will be taken, the necessary regulatory approvals, the
approvals required from the bond holders and the other Group’s
creditors as well as, in due time, the consent of the Vivendi
shareholders.
Important disclaimers
This press release contains information that may have
characterized, before becoming public, inside information as
defined by Article 7, par. 1, of the European Regulation 596/2014.
It also contains forward-looking statements with respect to
Vivendi’s financial condition, results of operations, business,
strategy, plans and outlook, including the impact of certain
transactions such as the split and listing projects, as well as
related operations. Although Vivendi believes that such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of completion of the split and
listing projects nor of Vivendi’s future performance. Actual
results may differ materially from the forward-looking statements
as a result of a number of risks and uncertainties, many of which
are outside our control, including, but not limited to, the risks
related to regulatory, administrative, third-party or any other
approvals and the risks described in the documents of the Group
filed by Vivendi with the Autorité des Marchés Financiers (the
French securities regulator), which are also available in English
on Vivendi’s website (www.vivendi.com). Investors and security
holders may obtain a free copy of documents filed by Vivendi with
the Autorité des Marchés Financiers at www.amf-france.org, or
directly from Vivendi. Accordingly, we caution readers against
relying on such forward-looking statements. These forward-looking
statements are made as of the date of this press release. Vivendi
disclaims any intention or obligation to provide, update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. This press release does
not contain and does not constitute an offer of securities, nor an
inducement to invest in France or abroad.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
About Vivendi
Since 2014, Vivendi has been building a world-class content,
media and communications group. Canal+ Group is a major player in
the creation and distribution of cinema and audiovisual content on
all continents. Lagardère is the world’s third-largest book
publisher for the general public and educational markets and a
leading global player in travel retail. Havas is one of the largest
global communications groups with a presence in more than 100
countries. Vivendi is also active in the magazine business (Prisma
Media), video games (Gameloft) and live entertainment and ticketing
(Vivendi Village). It also owns a global digital content
distribution platform (Dailymotion) and a subsidiary dedicated to
providing very high-speed Internet access in Africa (GVA).
Vivendi’s various activities work closely together as an integrated
group committed to transforming its businesses to meet the
expectations of the public and anticipate constant changes. As a
committed group, Vivendi contributes to building more open,
inclusive, and responsible societies by supporting diverse and
inventive creative works, promoting broader access to culture,
education, and its industries, and increasing awareness of 21st
century challenges and opportunities.
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