Vivendi has given further details of its plans for Canal+ when the French media giant splits into three separate units.It’s planned that Canal+ be listed on the London Stock Exchange and control 100% of the company holding the license to provide terrestrial television services in France.Vivendi explained the holding company would replace Vivendi as the parent company of the Canal+ group.“In accordance with Article 40 of French Law No. 86-1067 of September 30, 1986, on Freedom of Communication, as long as the Canal+ group remains the holder of such broadcasting licenses, these licenses will not be compatible with an acquisition by a person of non-European Union nationality which would result in increasing, directly or indirectly, such investors’ share of the capital to more than 20% of the share capital or voting rights in the company holding these licenses,” Vivendi said in a statement.There had been concerns that with no case law available, non-European shareholdings above 20% of Vivendi’s own share capital might be disallowed. However, to date, no decision from a judicial or administrative authority has supported this interpretation.Vivendi needs a two-thirds shareholder majority in order to go ahead with the split.
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