Vivendi shares sing on Universal Music float plan

Vivendi investors despatched shares surging by much more than a fifth soon after the media huge verified programs to checklist Universal Tunes as a €30bn (£26bn) enterprise by the conclusion of the year.

The French group, managed by the billionaire Bollore spouse and children, is poised to income in on a growing investor appetite for songs investments by offloading 60pc of Universal with an Amsterdam listing. 

Confirmation of the prepare, which is likely to acquire shareholder acceptance at a March 29 meeting, despatched Vivendi shares up 20pc to €31.forty one in Paris, valuing the enterprise at €37bn.

The enterprise programs to retain a 20pc holding in Universal following the float soon after marketing two 10pc stakes to Tencent, the Chinese tech and amusement conglomerate. 

In a memo to staff on Saturday, Vivendi chief government Arnaud de Puyfontaine and chairman Yannick Bollore said the decision to open Universal Music’s share funds to Tencent experienced “verified its attractiveness with strategic buyers”. 

“UMG would be in a placement to acquire advantage of drastically elevated monetary adaptability to go after its dynamic advancement and its revolutionary position in the songs and amusement business, to the profit of artists and fans in all places,” they added.

Vivendi owns 80pc of Universal along with investments in French broadcaster Canal+, movie and Television manufacturing enterprise Studiocanal, advertising company Havas, reserve publisher Editis and Gamesloft, the cell online games maker.