Vivendi investors despatched shares surging by a lot more than a fifth immediately after the media big confirmed strategies to listing Common Music as a €30bn (£26bn) company by the conclude of the year.
The French team, managed by the billionaire Bollore household, is poised to dollars in on a growing trader appetite for songs investments by offloading 60pc of Common with an Amsterdam listing.
Confirmation of the prepare, which is possible to win shareholder approval at a March 29 meeting, despatched Vivendi shares up 20pc to €31.41 in Paris, valuing the company at €37bn.
The company strategies to keep a 20pc keeping in Common next the float immediately after advertising two 10pc stakes to Tencent, the Chinese tech and amusement conglomerate.
In a memo to team on Saturday, Vivendi chief govt Arnaud de Puyfontaine and chairman Yannick Bollore said the choice to open Common Music’s share funds to Tencent experienced “confirmed its attractiveness with strategic investors”.
“UMG would be in a position to consider edge of greatly greater economical versatility to go after its dynamic growth and its revolutionary role in the songs and amusement field, to the profit of artists and admirers in all places,” they additional.
Vivendi owns 80pc of Common along with investments in French broadcaster Canal+, movie and Tv set output company Studiocanal, promotion agency Havas, reserve publisher Editis and Gamesloft, the mobile video games maker.
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