Lagardère could try again to launch an IPO of its stake in pay TV operator Canal Plus in the coming months, according to the company’s chief, Arnaud Lagardère.
Lagardère told shareholders at the company’s annual meeting that the financial markets were now becoming open again and that he would not be surprised if the company relaunched its offering of the stake in the coming months. He said discussions with Vivendi over the possible sale to it of 20% stake would also restart immediately.
Lagardère was forced to abandon an IPO of the stake last year after the markets dipped in the wake of the Japanese earthquake. The holding is currently valued by Lagardère at around €1.2 billion, down from €1.5 billion in 2010. The decision to launch an IPO in 2011 came against the background of Lagardère’s failure to strike a deal to sell the stake to Vivendi.
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