VIVHY - Vivendi plans spin-off of Universal Music by fall

Vivendi (VIVHY +1.5%) is planning to spin off its Universal Music Group unit by the fall, and is asking shareholders to vote. Holders will weigh on June 22 on an exceptional distribution of Universal Music shares to be completed later in the year. That would satisfy the investors who have pressed for the unit to be unlocked and cut the "conglomerate discount." Sales at Universal Music rose 9.4% in the first quarter, outpacing gains at broader Vivendi (which were 5% on a same-operations basis, to €3.9B).

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Vivendi plans spin-off of Universal Music by fall