Vivendi shares sing on Universal Music float plan

Vivendi investors sent shares surging by more than a fifth after the media giant confirmed ideas to record Universal Audio as a €30bn (£26bn) organization by the conclude of the year.

The French group, managed by the billionaire Bollore family, is poised to dollars in on a growing trader appetite for music investments by offloading 60pc of Universal with an Amsterdam listing. 

Confirmation of the strategy, which is possible to earn shareholder approval at a March 29 conference, sent Vivendi shares up 20pc to €31.41 in Paris, valuing the organization at €37bn.

The organization ideas to keep a 20pc holding in Universal subsequent the float after marketing two 10pc stakes to Tencent, the Chinese tech and amusement conglomerate. 

In a memo to team on Saturday, Vivendi chief government Arnaud de Puyfontaine and chairman Yannick Bollore said the selection to open Universal Music’s share money to Tencent experienced “confirmed its attractiveness with strategic investors”. 

“UMG would be in a placement to just take advantage of enormously improved fiscal adaptability to go after its dynamic expansion and its groundbreaking function in the music and amusement industry, to the gain of artists and followers just about everywhere,” they additional.

Vivendi owns 80pc of Universal along with investments in French broadcaster Canal+, movie and Tv creation organization Studiocanal, advertising and marketing agency Havas, book publisher Editis and Gamesloft, the cellular online games maker.