(Reuters) – Vivendi (OTC:) newly separated entities Canal+, Havas and Louis Hachette Group will begin trading in London, Amsterdam and Paris respectively on Monday, after shareholders in the French media group voted overwhelmingly in favor of a value rise. -Share division project on December 9.
Broadcaster Canal+ is set to begin trading in London as the biggest new stock exchange listing in two years.
The company's decision to list in London, announced in July, was a much-needed boost to the British stock exchange, which has seen a series of departures and a few high-profile arrivals in recent years.
British Finance Minister Rachel Reeves praised the decision, calling it a “vote of confidence” in the country's market on Friday.
Advertising company Havas will debut on Euronext (EPA:) Amsterdam, while Louis Hachette's publishing arm will be traded on the Euronext Growth Exchange Paris. Lagardère, which is majority owned by Louis Hachette after the separation, will remain listed on Euronext Paris.
At reference prices of 1.79 euros and 1.12 euros respectively, the implied valuation for Havas is 1.78 billion euros ($1.87 billion) and for Louis Hachette 1.1 billion euros, Euronext said on Friday.
JP Morgan analysts estimate that the value of Canal+ is about 6 billion euros, Havas at 2.5 billion euros, and Louis Hachette at about 2.2 billion euros.
Vivendi is resuming trading on the Euronext Paris exchange without any spinoffs and remains part of the main index for now, although it may exit it later, said Chairman Yannick Bollore.
($1 = 0.9514 euros)
