PARIS, June 22 — Shareholders in French media conglomerate Vivendi approved today plans to spin off its majority stake in Universal Music Group, a move long sought by analysts and its own top investors.
First floated in February, the plan as voted would see Vivendi distribute a 60 per cent stake in UMG, worth 19.8 billion euros , to its shareholders. The plan will also see the shares in UMG, whose artists and catalogue range from the Beatles to Lady Gaga, listed on the Amsterdam stock exchange in September.Vivendi will keep a 10 per cent take in UMG. It has sold off a 20 per cent stake to Chinese tech firm Tencent and 10 per cent to US financier Bill Ackman.
The French firm had long been under pressure by some shareholders to distribute the UMG shares to unlock their value. Shares in Vivendi were little changed today, but are up by around 10 per cent since the beginning of the year. — AFP
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