Posted By Global Banking and Finance Review
Posted on December 13, 2024
LONDON (Reuters) - British finance minister Rachel Reeves said Canal+'s decision to list on the London stock exchange was a "vote of confidence" in Britain's market, after meeting with the broadcaster's CEO on Friday.
French media conglomerate Vivendi's shareholders this week approved its breakup, in which Canal+ will be spun off and listed in London - with trading beginning on Monday - but based in France. Canal+ could be worth 6 billion euros ($6.3 billion), according to JP Morgan.
The company's decision to list in London, announced in July, was a much-needed boost for Britain's stock exchange which has seen a series of departures and few high-profile joiners in recent years.
Equipment rental firm and FTSE 100 member Ashtead this week became the latest to announce plans to shift to New York, where many companies believe they can get a higher valuation.
Ahead of Canal+'s listing on Monday, the UK finance ministry said CEO Maxime Saada and CFO Amandine Ferré met with Reeves.
"I'm delighted that CANAL+, a leading international media company, has chosen the UK. Their decision is a vote of confidence in the UK’s capital markets, the stability we are delivering and our plan for change," Reeves said.
Canal+'s Saada said London was the best location for it. "We look forward to the start of our journey as a listed company in our own right on Monday," the CEO said.
($1 = 0.9534 euros)
(Reporting by Tommy Reggiori Wilkes; Editing by Christina Fincher)