The French Lagardère group has decided to postpone the planned timetable for the IPO of its 20% stake in Canal+ France, blaming events in Japan following last week’s earthquake.
In a statement, Lagardère said it reasserted its strong resolution to sell its holding in the French pay-TV operation, which was in the best interests of its shareholders. Lagardère gave its backing to the management of Canal Plus France and said it remained confident of the company’s prospects.
“We decided that conditions were not met to achieve the best price for our stake in Canal Plus France given the worsening of markets,” Lagardere CFO Dominique D’Hinnin said in a conference call.
The period will give Canal’s parent Vivendi the opportunity to put in a bid for the stake and bring the company entirely under its wing. However, speaking at the Abu Dhabi Media Summit on Wednesday, CEO Jean-Bernard Levy said the company will not necessarily seek to take its holding up to a full 100%.