Vivendi takes control of Canal+ premium channels unit

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.