The French media giant Vivendi clarified on Tuesday its intentions regarding its musical nugget Universal Music Group (UMG), the world's first major.
“
Prior to the distribution of 60% of UMG's capital to Vivendi shareholders, the group analyzes the advisability of selling 10% of its UMG shares to an American investor or of making a public offer of at least 5% and up to 10% of the capital of UMG
”, explains Vivendi in a press release.
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The Vivendi group, 27% controlled by Vincent Bolloré, indicates that it "will
retain 10% of the capital of Universal Music Group for at least two years in order to be able to remain associated with the development of its subsidiary
". At the same time, benefit from the conditions of exemption from withholding tax when paying dividends, while avoiding double taxation of these in France and the Netherlands.
Vivendi has already sold 20% of the capital of its subsidiary to an international consortium led by the Chinese digital champion Tencent, on the basis of a valuation of the entire group to the tune of 30 billion euros. Ultimately, "
neither Vivendi nor the Bolloré Group intend to be represented at this stage on the board of directors
" of UMG, explains the group. Vivendi also provides that “
no preference shares or any other multiple voting rights will be used
”, and that “
no anti-takeover protection system will be put in place
”.