The irony that a French company is set to become the largest flotation in London for more than two years, a time when homegrown corporate successes have shifted to the US, has not been lost on bankers in the City. Canal+ is not just any French company, but one that carries deep “cultural significance” across the channel, according to Maxime Saada, who heads the streaming giant and film producer that is part of Vivendi, the media conglomerate controlled by the billionaire Bolloré family.
“When we look at the path for the future, the partners, the competitors, the markets, the investors, almost all of them are English speaking,” said Saada. “We used to be a French company, completely relying on the French market for its revenues, its profits, its rights and most of its stuff. And we have transformed into a company that is now international. I cannot say global yet, but that’s the plan.” M&A will form part of this plan.