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Lagardère still set for Canal Plus sale

Lagardère remains determined to sell its 20% stake in Canal Plus France and hopes to launch an IPO in the course of the next few months, according to company chief Arnaud Lagardère.

Lagardère told the company’s annual meeting yesterday that it would sell the stake “no matter what”. Lagardère was forced to abort earlier plans for a flotation in March as a result of unfavourable market conditions.

Lagardère told the meeting that he envisaged operational income growth in the order of 10% this year from the company’s media divisions. In addition to the sale of the Canal Plus stake and the sale of its international magazines arm to Hearst Corp (due to be finalized in May or June), Lagardère said further sales could follow, along with possible acquisitions for Lagardère Unlimited in Asia or the US.