Vivendi Shareholders Approve Breakup Amidst Controversy

Shareholders of the French media conglomerate Vivendi have approved a strategic breakup of the company, backed by the influential Bollore family, despite facing skepticism from the market and opposition from some minority shareholders. At an extraordinary general meeting convened in Paris, more than 97% of the vote was cast in favor of the split, a significant win for the Bollore family, which controls 29.9% of the conglomerate. The proposed breakup involves spinning off Vivendi's key divisions: Canal+, Havas, and Louis Hachette Group. Following the decision, each will operate as separate entities, with respective listings in London, Amsterdam, and Paris. The move, however, sparked protests that led to police intervention, and has been legally contested by minority stakeholders, CIAM and Phitrust, who argue that the breakup consolidates the family's influence further. Despite this, Yannick Bollore, Vivendi's Supervisory Board Chairman, has dismissed these claims. Financial analysts have valued Canal+ at €6 billion, Havas at €2.5 billion, and Louis Hachette at €2.2 billion. The newly independent companies are set to begin trading on December 16, with Vivendi shareholders receiving shares in each spinoff. Vivendi's stock experienced an uptick following the vote confirmation, reflecting the market's tentative optimism toward the reorganization.