If the deal succeeds, Universal's three biggest shareholders would be Vivendi , Tencent-led consortium and French tycoon Vincent Bollore Lady Gaga. Picture: SAUL LOEB/REUTERS
The French conglomerate outlined plans at the weekend to distribute 60% of Universal's capital to its current shareholders via a listing in Amsterdam. “The whole transaction is aimed at freeing up the hidden value of Vivendi, whose market value has been inferior to that of Universal's itself lately,” a source close the matter said.
Bollore chose Amsterdam over other international financial centres, such as New York, to list the company, because it is “neutral” and more attractive to potential investors from China, including Tencent, which had been targeted by the previous US administration, the source close to the matter added.
“This is what many shareholders have wanted and is a better outcome than Vivendi selling some of its UMG stake in an IPO,” JPMorgan said in a note, adding that it estimated Universal's value was about €40bn.
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