French conglomerate Lagardere is ready to sell its 20% stake in Canal Plus France, with Vivendi lined up as the likely buyer.
According to reports, Lagardere said it would sell the stake as soon as market conditions improve. Under the conditions of a Canal Plus France shareholder agreement, Lagardere must enter talks with Vivendi over the stake sale. Should the parties fail to reach an agreement, Lagardere can sell the stake on the market. Last year, Lagarderes CEO said Vivendi would probably buy the stake, which has been valued at up to Â1.5bn. This would give Vivendi 100% ownership of Canal Plus France.