(Reuters) – Vivendi’s newly spun-off entities Canal+, Havas and Louis Hachette Group will start trading in London, Amsterdam and Paris respectively on Monday, after shareholders of the French media conglomerate voted overwhelmingly in favour of the high-stakes split project on Dec. 9.
Broadcaster Canal+ is set to start trading in London as the stock exchange’s largest new listing in two years.
The company’s decision to list in London, announced in July, was a much-needed boost for Britain’s stock exchange which has seen a series of departures and few high-profile joiners in recent years.
British finance minister Rachel Reeves hailed it as a “vote of confidence” in the country’s market on Friday.
Advertising company Havas will debut on Euronext Amsterdam, while the publishing arm Louis Hachette will trade on Euronext Growth Paris. Lagardere, majority owned by Louis Hachette following the spin-off, will stay listed on Euronext Paris.
At respective reference prices of 1.79 euro and 1.12 euro, Havas’ implied valuation is 1.78 billion euros ($1.87 billion) and that of Louis Hachette is 1.1 billion euros, Euronext said on Friday.
J.P.Morgan analysts have estimated Canal+ to be worth about 6 billion euros, Havas 2.5 billion euros and Louis Hachette around 2.2 billion euros.
Vivendi resumes trading on Euronext Paris without the spinoffs and remains a part of the blue-chip CAC40 index for now, though it may exit it at a later date, supervisory board chairman Yannick Bollore said.
($1 = 0.9514 euros)
(Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk; Editing by Milla Nissi)
