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Vivendi’s shareholders have overwhelmingly approved the French media group’s plan to split itself into four entities in a victory for billionaire industrialist Vincent Bolloré, who controls the company.
The project won more than 95 per cent of the vote for each motion at a shareholder meeting in Paris on Monday. That paves the way for the spin-offs to take place in the coming weeks and validates the company’s plans despite some criticisms from minority shareholders.
Vivendi will split out and list pay-TV group Canal+ in London, advertising company Havas in Amsterdam and its publishing division Louis Hachette Group in Paris. Vivendi will remain listed in Paris.
A two-thirds majority was required to validate the motions at the shareholder meeting. Vivendi shares were up 2.4 per cent for a market value of €9.2bn.
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