Vivendi closes in on 100% control of premium channels unit

Vincent Bolloré

Vivendi has launched an obligatory squeeze-out process after securing 97.07% control of SECP, the unit that owns Canal+’s premium channels in France.

Vivendi launched a public offer for the part of SECP that it did not already own in May, extending its holding from 48.5% to 93.6% by mid-August. The company then reopened the public tender at the same price of €8 per share to enable shareholders that had not yet tendered their shares to do so.

Vivendi initiated the original tender after it said it had received a request from a large number of SECP’s other shareholders to do so. In addition to the premium channels, SECP controls Canal+’s terrestrial broadcasting licence in France and Vivendi’s acquisition of full control was only made possible by a 2009 change in the law enabling a single operator to control a licence.

The move to take 100% control of SECP is in line with Vivendi chairman Vincent Bolloré’s strategy of integrating pay TV outfit Canal+ more closely with its parent organsiation.