Vivendi-owned Havas Group this week came a step closer to becoming a separate public company once again. 

Vivendi’s Supervisory board approved a plan to split the firm into four units including Havas, Canal+ Group, a publishing/distribution entity and an investment firm.  

Vivendi executives said they were considering the plan last year because they believe the company is undervalued as a conglomerate and that shareholders would earn more if the assets were separated. 

Final approval is subject to further study of tax consequences, as well as approval of certain corporate creditors, regulatory bodies and Vivendi shareholders. 

But the scheme, initially made public in December, is clearly being fast-tracked. My guess is this won’t take more than a couple of quarters to complete.  

The Bollore Group controls Havas and Yannick Bollore is CEO of Havas and Chairman of the Supervisory Board of Vivendi.