Vivendi shares sing on Universal Music float plan

Vivendi investors sent shares surging by far more than a fifth just after the media giant

Vivendi investors sent shares surging by far more than a fifth just after the media giant confirmed options to list Universal New music as a €30bn (£26bn) firm by the conclude of the year.

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

Affirmation of the system, which is most likely to earn shareholder approval at a March 29 conference, sent Vivendi shares up 20pc to €31.41 in Paris, valuing the firm at €37bn.

The firm options to retain a 20pc holding in Universal adhering to the float just after advertising two 10pc stakes to Tencent, the Chinese tech and entertainment conglomerate. 

In a memo to personnel on Saturday, Vivendi main government Arnaud de Puyfontaine and chairman Yannick Bollore stated the final decision to open up Universal Music’s share funds to Tencent experienced “confirmed its attractiveness with strategic investors”. 

“UMG would be in a situation to acquire gain of greatly increased monetary adaptability to go after its dynamic progress and its groundbreaking purpose in the audio and entertainment market, to the benefit of artists and lovers everywhere you go,” they included.

Vivendi owns 80pc of Universal alongside investments in French broadcaster Canal+, film and Television set creation firm Studiocanal, advertising agency Havas, e book publisher Editis and Gamesloft, the cellular online games maker.