Vivendi, the French media giant, is considering splitting up into several entities, each of which would be listed on the stock market.
The company said businesses that could be spun off included Canal Plus, its television unit, its advertising arm Havas, as well as an investment company holding its stake in the publisher and retailer Lagardère.
Vivendi said the plan was aimed at boosting the valuation of the spun-off units while narrowing the discount at which the market values the combined group. JPMorgan analysts estimate this discount at about 50 per cent to the Vivendi sum-of-parts valuation.
Such a move could also open up takeover opportunities for Vivendi’s units, said the analysts, and they noted that Havas could be an attractive acquisition target.
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