French conglomerate LagardÃ¨re 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 LagardÃ¨re has hired JP Morgan Chase & Co and BNP Paribas to work on the share sale. Earlier this month LagardÃ¨re said it would begin preparations for an IPO of the stake after the company and Vivendi failed to agree a price for the latterÂs acquisition of the stake. Some analysts believe that LagardÃ¨re 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.
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