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Vivendi takes control of Canal+ premium channels unit

The Vivendi office is seen in Paris on Wednesday, May 17, 2006.Vivendi has secured overall control of Société d’Edition de Canal Plus (SECP), the company that controls the Canal+ premium channel family in France, as a result of the tender offer it initiated in May.

Vivendi now controls 93.6% of SECP, with the tender resulting in the transfer of 45.2% of the share capital of the unit to it, on top of the 48.5% it already owned.

Vivendi said it would reopen the public tender for a period of at least 10 stock market days at the same price of €8 per share to enable shareholders that not yet tendered their shares to do so.

Vivendi initiated its tender offer in May after it said it received a request from “a large number of SECP’s shareholders” to do so. The unit controls Canal+’s domestic premium channels and its terrestrial broadcasting licence in France. Vivendi’s move, which was only made possible as a result of a 2009 change in the law to enable a single operator to control a terrestrial broadcasting licence, will simplify its ownership of Canal+ and give chairman Vincent Bolloré greater control.

Vivendi controls its stake SECP through its 100% ownership of parent company Canal+ Group.