Vivendi takes Canal+France stake

Pascale Paoli Lebailly ©RapidTVNews | 24-11-2009

Vivendi has acquired the 9.9% stake TF1 owned into Canal+ France.

Vivendi paid a total amount of €744m, according to an announcement in Paris. This coming December 31st, Vivendi's share of Canal+France will increase from 65% to 75%.

These shares were held by TF1 following the TPS acquisition by Canal+ Group. According to Canal+, the same offer has been made to M6, TF1's former partner into TPS platform and whose share into Canal+France amounts to 5.1%.

As for Lagardère Group, it announced last week at a banking conference in Barcelona, that it was now ready to sell off its 20% shares into Canal+ France, as 2010 appears as a more favourable period than 2009. Lagardere is reportedly keen to make some acquisitions with any freed-up cash

Vivendi, whose policy is to buy out minority shareholders, could also be flush with cash if it ends up selling its 20% stake in US media group NBC-U, which is valued at around $6 billion.

© Rapid TV News 2009

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