Lagardère looking at fourth-quarter IPO for Canal Plus stake

French conglomerate Lagardère is reportedly aiming for a fourth-quarter IPO of its 20% stake in pay-TV operator Canal Plus after failing to strike a deal with majority owner Vivendi.

Bloomberg, citing two unnamed sources with knowledge of the plan, reports that Lagardère has hired JP Morgan Chase & Co and BNP Paribas to work on the share sale. Earlier this month Lagardère said it would begin preparations for an IPO of the stake after the company and Vivendi failed to agree a price for the latter’s acquisition of the stake. Some analysts believe that Lagardère still hopes to use the prospect of a sale on the stock market to bring Vivendi back to the negotiating table at a later date.