VIVHY - Vivendi plans to spin out Universal Music Group

Vivendi (VIVHY) plans to spin out Universal Music Group and distribute 60% of UMG's share capital to Vivendi shareholders. UMG is home to artists such as Lady Gaga and Billie Elish.The distribution will take the form of an special dividend and Vivendi will call a special shareholder meeting for March 29 to modify its bylaws and make the distribution possible, according a press release from Vivendi."Vivendi’s  leading institutional shareholders have been pressing for a number of years for a split or the distribution of Universal Music Group to reduce Vivendi’s conglomerate discount," Vivendi said in the statement.The transaction has received an initial favorable response from Tencent-led (TCEHY), with whom the planned listed will be examined.Vivendi will also propose an ordinary dividend of €0.60 per share for the 2020 fiscal year at the shareholders’ meeting called to approve the company’s financial statements on June 22.Recall Dec. 18, Tencent exercises call option

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Vivendi plans to spin out Universal Music Group