Its flotation carries high stakes for Canal+ owner Vivendi, which hopes to rid itself of a conglomerate discount. However, the listing raises questions about Vivendi's strategy once it parts ways with its cash cow, in which it will retain only a 10% stake.
Bollore has been an aggressive consolidator in France's media and publishing landscape, and he has a long-held ambition to build up a southern European media powerhouse. BNP Paribas, Natixis, Credit Agricole, Morgan Stanley and Societe Generale are the lead financial advisers on the deal, out of 17 banks in total -- an unusually large total.
Universal said in its prospectus that the overall expenses to be paid in relation to the Universal deal would not go beyond 0.5% of the total amount of the share distribution.