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By Chris Cooke | Posted on Wednesday, September 15, 2021
Vivendi confirmed yesterday that the Dutch Securities and Markets Authority – or Stichting Autoriteit Financiële Markten, if you prefer – has approved the prospectus for Universal Music Group’s upcoming listing on the Euronext Amsterdam stock exchange.
As expected, as UMG is listed, 60% of the shares of major de la musique will be distributed to current Vivendi shareholders. Vivendi will keep 10% of UMG for itself, 20% of which is controlled by a consortium led by Tencent and the remaining 10% held by entities related to Bill Ackman’s Pershing Square Holdings.
The Vivendi management board also approved yesterday the measures necessary to allow the distribution of UMG shares to its shareholders.
The music company will officially arrive on the Dutch stock exchange on September 21, with the “technical reference price of UMG shares” to be confirmed the day before. The distribution of UMG shares to Vivendi shareholders will then take place on September 23.