Vivendi investors sent shares surging by far more than a fifth right after the media large confirmed strategies to listing Common Audio as a €30bn (£26bn) company by the end of the year.
The French team, controlled by the billionaire Bollore loved ones, is poised to dollars in on a growing trader hunger for audio investments by offloading 60pc of Common with an Amsterdam listing.
Affirmation of the approach, which is likely to earn shareholder approval at a March 29 conference, sent Vivendi shares up 20pc to €31.forty one in Paris, valuing the company at €37bn.
The company strategies to retain a 20pc holding in Common next the float right after promoting two 10pc stakes to Tencent, the Chinese tech and leisure conglomerate.
In a memo to workers on Saturday, Vivendi chief government Arnaud de Puyfontaine and chairman Yannick Bollore said the decision to open Common Music’s share cash to Tencent experienced “confirmed its attractiveness with strategic traders”.
“UMG would be in a situation to consider advantage of significantly greater monetary versatility to go after its dynamic expansion and its pioneering job in the audio and leisure market, to the gain of artists and supporters all over the place,” they added.
Vivendi owns 80pc of Common together with investments in French broadcaster Canal+, movie and Television set generation company Studiocanal, promotion company Havas, e book publisher Editis and Gamesloft, the cellular game titles maker.
