French media giant Canal+ will list on the London Stock Exchange this morning in an early Christmas present for a bourse battered by a string of exits this year. It is the product of a long-awaited breakup of Paris-based Vivendi, which acquired Canal+ in 2000. The split was engineered by billionaire Vincent Bolloré, who controls the conglomerate with a 29 per cent stake.
It will also see advertising agency Havas and publisher Louis Hachette Group list Amsterdam and Paris respectively on Monday. What is left of Vivendi will remain listed in Paris. French activist investors Ciam and Phitrust have staunchly opposed the breakup, raising concerns over valuations and arguing the Bollorés are trying to take more control over Vivendi without having to make a formal takeover offer.
But the plan won the backing of voting shareholders last week and is now set to deliver London’s only £1bn-plus IPO of the year. Canal+ is expected to be the capital’s biggest listing since GSK spun off Haleon in 2022. In November, JP Morgan analysts estimated Canal+ had an equity value of around €6bn (£5bn).
The firm is reportedly seeking a higher valuation of up to €8bn (£6.6bn) in its market debut. Tom Snowball, head of UK equity capital markets at BNP Paribas and an adviser to Canal+ on the IPO, told City AM that it would be “a positive for the general narrative and sentiment” after a lacklustre year for the capital’s flagship bourse.
Richard Hunter, head of markets at Interactive I.
