Vivendi shares sing on Universal Music float plan

Vivendi investors despatched shares surging by a lot more than a fifth immediately after the media…

Vivendi investors despatched shares surging by a lot more than a fifth immediately after the media huge verified ideas to record Common Songs as a €30bn (£26bn) business by the close of the year.

The French team, controlled by the billionaire Bollore family members, is poised to money in on a growing investor hunger for new music investments by offloading 60pc of Common with an Amsterdam listing. 

Affirmation of the program, which is possible to acquire shareholder acceptance at a March 29 assembly, despatched Vivendi shares up 20pc to €31.forty one in Paris, valuing the business at €37bn.

The business ideas to retain a 20pc holding in Common subsequent the float immediately after advertising two 10pc stakes to Tencent, the Chinese tech and enjoyment conglomerate. 

In a memo to employees on Saturday, Vivendi main govt Arnaud de Puyfontaine and chairman Yannick Bollore claimed the selection to open up Common Music’s share funds to Tencent experienced “verified its attractiveness with strategic investors”. 

“UMG would be in a position to get benefit of significantly enhanced economic versatility to pursue its dynamic growth and its revolutionary role in the new music and enjoyment market, to the profit of artists and fans in all places,” they extra.

Vivendi owns 80pc of Common alongside investments in French broadcaster Canal+, film and Tv creation business Studiocanal, advertising agency Havas, ebook publisher Editis and Gamesloft, the cellular game titles maker.