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Vivendi Updates On Group Split Plans; Bonds Muted

COMMUNICATIONS

Baa2 Bonds mixed and muted; less than a few cents of movement

  • •Canal+ to list on London Stock Exchange, Havas on Euronext Amsterdam, and Louis Hachette Group (a newly named publishing and distributing company formed from Lagardere and Prisma Media) on Euronext Growth along with the continued lisiting of its subsidiary Lagardere on Euronext Paris; all retain France-based operations, decision-making and tax-residency.
  • •Post-split, Canal+ and Havas to have near-zero net debt, Louis Hachette Group to inherit Lagardère's €2bn debt; Vivendi to hold €1.5-2bn net debt. Vivendi’s reported financial net debt was EUR 2.8bn at FY23 while Lagardere had EUR 2.1bn.
  • •Bolloré group to hold ~30.6% of share capital/voting rights in Canal+ and Louis Hachette Group, and potentially over 40% in Havas NV due to double voting rights.
  • •Decision could be taken by end-October with a view to submission at an EGM in December where it would require a two-thirds majority.
  • •EUR lines mixed and muted on the news with less than a few cents of movement; EUR 28s are the furthest from par at EUR 93 and are flat on the day.
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