Lagardère postpones Canal + IPO
March 17, 2011
French press is speculating a deal might be back on for Vivendi to buy out Lagardère’s 20 per cent of Canal + after Lagardère postponed indefinitely its IPO of the stake.
Lagardère said market volatility stemming from events in Japan meant the timing wasn’t right but analysts in Paris were convinced talks were back under way between the companies. Lagardère insisted it remained committed to the sale of the stake, saying: “The group reasserts its strong resolution to sell soon its stake in Canal Plus France in the best interest of its shareholders.”
Lagardère proposed the flotation after Vivendi did not accept a price of €1.3bn. Forecasts for the IPO ranged from €1bn to €1.8bn.