(Reuters) – Shares of Canal+ fell on their debut in London on Monday, while fellow Vivendi spinoffs Havas and Louis Hachette rose in Amsterdam and Paris, after the French media conglomerate’s shareholders overwhelmingly favored the demerger project on Dec 9 had voted with high stakes. .
Shares in broadcaster Canal+ opened at 290 pence, giving it a market value of 2.9 billion pounds ($3.66 billion), but fell more than 12% from that price to 253.5 pence by 0848 GMT.
Canal+’s decision to list in London, announced in July, was a much-needed boost to the British stock market, which has seen a series of departures and few high-profile entries in recent years. British Chancellor of the Exchequer Rachel Reeves called it a “vote of confidence” in the country’s market on Friday.
Advertising company Havas rose around 6% to 1.91 euros per share by 09:05 GMT compared to the opening price on Euronext Amsterdam. Publisher Louis Hachette’s shares were listed on Euronext Growth Paris at 1.41 euros, an increase of 17.5% compared to the opening price.
JPMorgan analysts estimate Canal+ at around 6 billion euros, Havas at 2.5 billion euros and Louis Hachette at around 2.2 billion euros.
Vivendi, backed by the Bollore family, resumed trading on Euronext Paris without the spin-offs and will remain part of the blue-chip CAC40 index for the time being, although the company may leave it at a later date, chairman of the supervisory board said Yannick Bollore.
Lagardere, which was majority owned by Louis Hachette after the split, also remains listed on Euronext Paris.
($1 = 0.9514 euros)
($1 = 0.7916 pounds)
(Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk, Florence Loève in Paris; Editing by Milla Nissi)
