Vivendi issued an update today on plans to split the company into multiple independent entities, including spinning off Havas, Canal+ and other parts of the firm into separate publicly traded companies. 

Vivendi’s ongoing feasibility study has concluded that the entities being spun off publicly would join different trading exchanges that would optimize their growth opportunities. 

Canal+, Havas and Lagardère would keep the decision-making center of their activities, as well as their operational teams, in France. But Canal+ and Havas would be listed outside of France while remaining French tax residents for French corporate income tax purposes. 

Havas would be listed as a Dutch public limited liability company (NV) on the Euronext Amsterdam stock exchange. Vivendi noted that it made a similar move with Universal Music Group three years ago, which it said has proven to be successful.  

Canal+ would be listed on the London Stock Exchange, in part a reflection of the content distribution company’s “international dimension” --with a presence on all continents and two-thirds of its subscribers outside of France.  

Lagardère would be packaged with other publishing assets into a new entity, Louis Hachette Group, which would be listed on the Euronext Growth exchange in Paris. 

Vivendi said that if the plan is executed as anticipated the Bolloré group would hold approximately 30.6% of the share capital and voting rights of Canal+ and Louis Hachette Group. And it would hold approximately 30.6% of the share capital of Havas NV and could hold over 40% of the voting rights. 

But the proposed restructuring won’t be approved until December (at the earliest) when an extraordinary shareholders meeting would be held to vote on the plan. In order for it to move forward the plan would have to be approved by a two-thirds majority of shareholders. 

The immediate next steps include communicating with employee representative bodies of the proposed spin-off companies as well as discussions with tax and regulatory authorities.