SHAREHOLDERS OK
UMG IPO PLAN

Vivendi shareholders were near unanimous in approving the company’s planned distribution of 60% of Universal Music Group shares.

Vivendi’s management board has the go-ahead to continue studying an IPO that is expected to be launched late this year.

The approval follows UMG’s agreement on a five-year, €3b financing line with four leading banks. The syndication of this financing among a pool of banks is expected to be completed by the end of April. UMG BV, based in the Netherlands, regroups the subsidiaries in the different countries where UMG operates.

Technically speaking, shareholders approved bylaw changes allowing the Paris-based company to distribute dividends and other monies, which opens the door to the IPO.