Canal+ valued at £2.3bn after shares fall on London market debut

Canal+, the French broadcaster spun out of France’s Vivendi, suffered a share price drop of more than 20 per cent on its market debut on Monday as it became the largest new listing in London this year. The company is the largest of the three businesses being spun out of Vivendi, the Paris-based group controlled by the billionaire Bolloré family, whose long-held complaint that the divisions were undervalued as part of the conglomerate will be tested by the split.

Shareholders in Vivendi have been given the same number of shares in the newly listed Canal+, meaning the Bolloré family holds about 30 per cent — the largest stake. Chief executive Maxime Saada told the Financial Times last month that Vivendi had chosen London as a listing venue for Canal+ owing to its access to a larger group of international investors as well as the UK’s position as a leader in the media industry.

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