French billionaire Le Pen backer prepares London listing of pay-TV empire
A French billionaire backer of Marine Le Pen is preparing to list his pay-TV empire on the London Stock Exchange in a move that could provide a much-needed boost for the City.
Vivendi, which is controlled by media mogul Vincent Bolloré, is said to be plotting a UK float for broadcaster Canal+ that could take place as soon as later this year.
The company is working with advisers on the potential spin-off, Bloomberg reported, including with bankers at BNP Paribas.
It comes after Mr Bolloré last year outlined plans to break up Vivendi.
Canal+ is set to be hived off as one of three distinct entities alongside advertising and public relations company Havas and an investment division centred on publisher Lagardère.
Vivendi said at the time that each of the three divisions would be listed on a stock exchange.
Any decision to list in the UK would mark a rare boost for the Square Mile, which has been struggling to attract companies amid a flood of departures to New York.
Canal+ has a pay-TV operation in France and is behind blockbusters including Terminator 2, Bridget Jones’s Diary and Paddington.
It has more than 26 million subscribers in 50 countries worldwide and generated revenues of €1.5bn (£1.26bn) in the first quarter, accounting for more than a third of Vivendi’s total revenue.
Mr Bolloré, whose net worth is estimated at $8.4bn (£6.5bn) by Bloomberg and is known as the “French Murdoch”, is a supporter of Ms Le Pen’s hard-Right National Rally.
His Fox News-style channel CNews has been credited with bringing hard-Right issues such as crime and immigration into the French political mainstream.
Vivendi is reportedly yet to make a final decision on the listing and other destinations such as Amsterdam could also be considered. A spokesman declined to comment.
Boost to the City
It comes as Hong Kong’s richest man also considers a listing on the London Stock Exchange.
CK Infrastructure Holdings, which is controlled by 95-year-old billionaire Li Ka-Shing, said it was mulling a secondary listing on an overseas stock exchange such as London.
The company, which is valued at around HK$116bn (£11.5bn), has investments in energy, water and transport companies across Europe, Australia, the US and Canada.
In the UK it owns electricity distributor UK Power Networks and rolling stock leasing company Eversholt, while it holds significant stakes in Northumbrian Water and Northern Gas Networks
The infrastructure group is part of the CK Hutchison conglomerate, which owns an array of businesses including the Three mobile network, health and beauty chain Superdrug and the Port of Felixstowe.
The plans mark the latest sign that the London stock market is starting to turn a corner after several years of decline.
The successful float of tech firm Raspberry Pi last month has helped to bolster sentiment, while Chinese fast fashion giant Shein is said to be considering a £50bn initial public offering that would be the City’s largest listing in a decade.
In a further boost, the Financial Conduct Authority on Thursday unveiled a major overhaul of listing rules aimed at attracting more companies to the market.