French conglomerate Lagardere has failed to agree a price for its stake in Canal Plus with rival Vivendi and is looking to launch an initial public offering.
Lagardere currently owns 20% of the French pay broadcaster and Vivendi controls the remaining 80%. The two companies have been in negotiations over the stake, which Lagardere must first offer to Vivendi, however, the companies disagree over Lagardere’s 1.35bn price tag. As a result the company, which operates a raft of free-to-air and digital channels, is set to float the stake on the stock market.
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