Quantcast

SHAREHOLDERS OK
UMG IPO PLAN

Vivendi shareholders were near unanimous in approving the company’s planned distribution of 60% of Universal Music Group shares.

Vivendi’s management board has the go-ahead to continue studying an IPO that is expected to be launched late this year.

The approval follows UMG’s agreement on a five-year, €3b financing line with four leading banks. The syndication of this financing among a pool of banks is expected to be completed by the end of April. UMG BV, based in the Netherlands, regroups the subsidiaries in the different countries where UMG operates.

Technically speaking, shareholders approved bylaw changes allowing the Paris-based company to distribute dividends and other monies, which opens the door to the IPO.

SPENCER-SMITH LANDS WITH AG MANAGEMENT, WCM (UPDATE)
New manager, pub deal (6/28a)
BIZ RESPONDS TO ROE V. WADE DECISION (UPDATE)
Artists and companies unite. (6/27a)
PERFORMERS SPEAK OUT AT GLASTO
Singers voice their dismay over the Supreme Court's latest decision. (6/28a)
BST HYDE PARK: BIGGER THAN EVER
England swings. (6/28a)
BIG RED'S BIG POP RUN (UPDATE)
Nine in the Top 40 (6/27a)
SUPERSTAR RELEASES
Who's next?
MUSIC BIZ SPECIAL
It's Comic-Con for numbers geeks.
THE BIG CHEESE
Theories of evolution from 30,000 feet.
THE NEXT GIANT DEAL
A&R in overdrive.
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)