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IPO for Lagardère’s Canal+ stake
By Julian Clover
Published: July 2, 2010 10.36 Europe/London
Lagardère has announced plans to conduct an IPO for its 20% stake in Canal+ France after failing to come to an agreement on its sale with Canal’s parent company Vivendi. A move in line with a shareholder agreement dating back to January 2007.
Under the terms of a Canal+ France shareholder agreement, Lagardère must first offer the holding to Vivendi, but press reports this week suggested the French media concern has balked at the €1.4 billion pricetag.
Some reports have suggested that the IPO proposal is nothing more than a ploy to get Vivendi back round the negotiating table.
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By Julian Clover
Published: July 2, 2010 10.36 Europe/London
Lagardère has announced plans to conduct an IPO for its 20% stake in Canal+ France after failing to come to an agreement on its sale with Canal’s parent company Vivendi. A move in line with a shareholder agreement dating back to January 2007.
Under the terms of a Canal+ France shareholder agreement, Lagardère must first offer the holding to Vivendi, but press reports this week suggested the French media concern has balked at the €1.4 billion pricetag.
Some reports have suggested that the IPO proposal is nothing more than a ploy to get Vivendi back round the negotiating table.
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