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Search resuls for: "Vivendi"


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Bolloré and Ackman will beat the Vivendi activists
  + stars: | 2021-06-15 | by ( Christopher Thompson | ) www.reuters.com + 0.00   time to read: +3 min
That is unlikely to prevent owner Vincent Bolloré and suitor Bill Ackman from getting their way. It’s possible that Loeb could push Bolloré to extract better terms from Ackman, rather than ditching the whole plan. - It is "evaluating" the French media conglomerate’s plan to sell a stake in label Universal Music to rival billionaire investor William Ackman. - Vivendi, controlled by tycoon Vincent Bolloré, last month set out a plan to list Universal, the world's largest music group, in Amsterdam by Sept. 27. - Activist fund Bluebell Capital Partners and investment fund Artisan Partners have also raised concerns about the spinoff.
Persons: Dan Loeb, Steve Marcus Vivendi’s, doughty, Vincent Bolloré, Bill Ackman, Loeb, Bolloré won’t, Daniel Loeb, William Ackman Organizations: REUTERS, Universal, Vivendi, HK, Warner Music, Artisan Partners, Bluebell Capital Partners, Elliott Management, Reuters, Universal Music Locations: Las Vegas , Nevada, U.S, Italy, William Ackman . New York, Paris, Amsterdam
UPDATE 1-Loeb's U.S. hedge fund Third Point owns Vivendi stake -source
  + stars: | 2021-06-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com sentiment -0.98   time to read: +2 min
New York-based Third Point has been invested in Paris-based Vivendi for some time, the person said, requesting anonymity because the matter is private. A Vivendi spokesman on Monday said, “The company has yet to see any evidence of a stake being built,” in response to a question about the Third Point holding. Activist fund Bluebell Capital Partners and investment fund Artisan Partners have raised concerns about the spinoff, decrying the transaction as unfavorable to some investors. Loeb and Ackman, both prominent New York hedge fund managers, have crossed on other investments, including Herbalife and United Technologies, for example, and sometimes taken differing approaches. He did not invest with Pershing Square’s Tontine Holdings, which counts other prominent hedge funds as investors.
Persons: Daniel Loeb’s, William Ackman, , Ackman, Vincent Bollore, Glass Lewis, Loeb, Pershing Organizations: Billionaire, Vivendi, Universal Music Group, ., Bloomberg, Universal, Pershing, Tontine Holdings, Bluebell Capital Partners, Artisan Partners, ISS, United Technologies Locations: . New York, Paris, New York
Third Point owns sizable stake in Vivendi - source
  + stars: | 2021-06-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: French media giant Vivendi's logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, August 12, 2020. REUTERS/Charles Platiau/File Photo(Reuters) - Billionaire hedge fund manager Daniel Loeb’s Third Point owns a substantial stake in Vivendi SE and has been invested in the French media giant for some time, a source familiar with the firm’s holdings said on Monday. “The company has yet to see any evidence of a stake being built,” a Vivendi spokesperson said in a statement. The company had also said it could sell an additional 10% of Universal to an American investor as part of the deal. But activist fund Bluebell Capital Partners and investment fund Artisan partners have raised concerns about the spinoff, decrying the transaction as unfavorable to some investors.
Persons: Charles Platiau, Daniel Loeb’s, , Vincent Bollore Organizations: REUTERS, Billionaire, Vivendi, Universal Music, Universal, Bluebell Capital Partners Locations: Paris, France
REUTERS/Charles Platiau/File PhotoBillionaire hedge fund manager Daniel Loeb's Third Point owns a substantial stake in Vivendi SE (VIV.PA) and is "evaluating" the French media giant's plan to sell a stake in its Universal Music Group to rival billionaire investor William Ackman, a source familiar with the firm's holdings said on Monday. New York-based Third Point has been invested in Paris-based Vivendi for some time, the person said, requesting anonymity because the matter is private. A Vivendi spokesman on Monday said, "The company has yet to see any evidence of a stake being built," in response to a question about the Third Point holding. Third Point is trying to evaluate what Ackman's proposal would mean for Vivendi shareholders and has not commented publicly about the matter. Loeb and Ackman, both prominent New York hedge fund managers, have crossed on other investments, including Herbalife and United Technologies, for example, and sometimes taken differing approaches.
Persons: Charles Platiau, Daniel Loeb's, William Ackman, Ackman, Vincent Bollore, Glass Lewis, Loeb, Pershing Organizations: REUTERS, Vivendi, Universal Music Group, ., Bloomberg, Universal, Pershing, Tontine Holdings, Bluebell Capital Partners, Artisan Partners, ISS, United Technologies, Thomson Locations: Paris, France, . New York, New York
Proxy advisers Glass Lewis, ISS split over Mediaset Dutch base move
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.88   time to read: +1 min
The Mediaset tower is seen at in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini/File PhotoISS and Glass Lewis are split over a plan by Italian broadcaster Mediaset (MS.MI) to move the company's legal base to the Netherlands, proxy adviser documents seen by Reuters showed. ISS recommends shareholders to vote against the proposal while Glass Lewis encourages them to vote in favour. Controlled by the family of former Italian Prime Minister Silvio Berlusconi Mediaset plans to move its legal headquarter to the Netherlands in a first step to create a pan-European TV champions. The move is part of a deal between Mediaset and its second largest investor Vivendi to end a long-running legal dispute.
Persons: Stefano Rellandini, Glass Lewis, Silvio Berlusconi Mediaset Organizations: REUTERS, Reuters, ISS, Italian, Vivendi, Thomson Locations: Cologno Monzese, Milan, Italy, Italian, Netherlands, Mediaset
Proxy advisers Glass Lewis, ISS disagree over Mediaset Dutch base move
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The Mediaset tower is seen at in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini/File PhotoISS and Glass Lewis disagree over a plan by Italian broadcaster Mediaset (MS.MI) to move the company's legal base to the Netherlands, proxy adviser documents seen by Reuters showed. ISS recommends shareholders to vote against the proposal while Glass Lewis encourages them to vote in favour. "We find no reason to oppose the relocation of the company's headquarters on the basis of the strategic rationale provided," Glass Lewis said in its report. However, ISS said the move "is not supported by a sufficiently compelling rationale and might negatively impact minority shareholders' rights."
Persons: Stefano Rellandini, Glass Lewis, Silvio Berlusconi, Mediaset Organizations: REUTERS, Reuters, ISS, Italian, Vivendi, Thomson Locations: Cologno Monzese, Milan, Italy, Italian, Netherlands, Mediaset
Bollore won't seek exemption of tender offer rules on Vivendi
  + stars: | 2021-06-11 | by ( Mathieu Rosemain | ) www.reuters.com sentiment -0.93   time to read: +2 min
PARIS (Reuters) - French billionaire Vincent Bollore’s family-owned group has pledged to media giant Vivendi that it will not request an exemption to file a tender offer on Vivendi’s shares if it crosses the 30% threshold in capital ownership or voting rights, Vivendi said. Bollore’s group said in a letter to Vivendi that it could also sell some of its Vivendi shares if were to participate in the share capital reduction by tendering its shares. Glass Lewis cited concerns expressed by activist fund Bluebell that Bollore could use this tool to increase his stake in the media group without making a tender offer. Glass Lewis and ISS have recommended Vivendi shareholders vote in favour of the spin-off plans, which would see Universal being listed in Amsterdam. The deal includes the distribution of 60% of Universal’s shares to Vivendi shareholders.
Persons: Vincent Bollore’s, Charles Platiau, Glass Lewis, Lady Gaga, Taylor Swift Organizations: PARIS, Vivendi, REUTERS, ISS, Bluebell, Universal Music, Universal Locations: Paris, France, Amsterdam
Artisan fund joins opposition to Universal Music spin-off
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. REUTERS/Arnd WiegmannU.S. investment fund Artisan Partners on Thursday joined another minority shareholder in French media group Vivendi (VIV.PA) in opposing its spin-off of Universal Music Group (UMG), decrying the transaction as unfavourable to some investors. read moreThe deal - through which Vivendi aims to list Universal in Amsterdam and spin-off 60% to existing Vivendi shareholders - will be submitted to an investor vote on June 22. Glass Lewis and ISS, the world's two biggest proxy advisers, have recommended Vivendi shareholders vote in favour of the spin-off plans. But Glass Lewis said Bluebell's demand for a higher cash dividend to sweeten the deal for minority shareholders was "reasonable".
Persons: Vivendi's, Lady Gaga, William Ackman, David Samra, Vincent Bollore, Glass Lewis Organizations: Universal Music, REUTERS, Partners, Vivendi, Bluebell Capital Partners, Universal, Tontine Holdings, Pershing, Tencent, ISS, Thomson Locations: Zurich, Switzerland, Amsterdam
LONDON/PARIS (Reuters) -Billionaire Patrick Drahi’s Altice Group has bought a 12.1% stake worth about 2.2 billion pounds ($3.1 billion) in Britain’s BT Group, becoming its largest shareholder. “Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said. The stake puts Altice ahead of Deutsche Telekom, which owned 12.06% of BT based on recent filings, Refinitiv data shows. “Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” it added. We are making good progress in delivering our strategy and plan,” BT said in a statement following Altice UK’s announcement.
Persons: Patrick Drahi’s, Altice, “ Altice, , , Drahi Organizations: Britain’s BT Group, SFR, BT, Deutsche Telekom, “ Altice, Britain’s, ” BT, Vivendi Locations: PARIS, France, Orange, Switzerland, United States, Israel, U.S
REUTERS/Rafael Marchante/File PhotoDrahi’s newly-created vehicle Altice UK announced the holding in a statement on Thursday which drove BT’s shares to a 17-month high. Altice UK is owned by Next Alt, dealmaker Drahi’s private holding, which also controls SFR, the second largest telecoms operator in France behind Orange. “Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said. “Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” it added. Altice UK has ruled itself out of making a full takeover offer for six months by virtue of its statement.
Persons: Patrick Drahi, Rafael Marchante, “ Altice, , , Jefferies, Altice, Drahi, Morgan Stanley Organizations: BT Group, REUTERS, SFR, Orange, BT, “ Altice, Britain’s, Deutsche Telekom, Vivendi Locations: PARIS, Lisbon, Portugal, France, British, Spain, Switzerland, United States, Israel, Europe, Dominican Republic, U.S
Ackman’s SPAC Deal to End All SPACs
  + stars: | 2021-06-04 | by ( Stephen Wilmot | ) www.wsj.com sentiment -0.99   time to read: +1 min
On Friday, French media conglomerate Vivendi and Pershing Square Tontine Holdings, Mr. Ackman’s $4 billion SPAC, confirmed a report in The Wall Street Journal that the two parties are in talks. The SPAC would take a 10% stake in Universal Music Group, Vivendi’s crown jewel. This isn’t your usual SPAC deal. Tencent bought in at an enterprise value of €30 billion, and the recorded music business has thrived during the pandemic. Vivendi shares, which jumped almost 20% after the company said it would spin off UMG, fell less than 1% Friday.
Persons: William Ackman, Ackman’s, , Tencent Organizations: Vivendi, Pershing, Tontine Holdings, Street Journal, Universal Music Group, Warner Music Locations: Netherlands, American, UMG
European stocks steady ahead U.S. jobs data, airlines slide
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 3, 2021. REUTERS/Staff(Reuters) -European stocks inched higher on Friday in cautious trading ahead of U.S. jobs data, with economic recovery hopes putting the main index on course for its third straight week of gains. The pan-European STOXX 600 index was up 0.1%, trading just below its record high hit earlier this week. The data comes ahead of the Fed and the European Central Bank’s policy meeting next week, where investors will watch for hints on tapering of their large bond purchase programmes. Ryanair slipped 1.2% even as its chief executive officer forecast unrestricted movement between Europe and Britain from July onwards.
Persons: pare, IAG, easyJet, William Ackman’s, Tontine Organizations: REUTERS, Staff, Reuters, U.S, Fed, ECB, BCA Research, British Airways, Wizz, Britain, Ryanair, Vivendi, Universal Music Locations: Frankfurt, Germany, Egypt, Sri Lanka, England, Europe, Britain
(Reuters) -European stocks ended at a record high on Friday as weak U.S. payrolls data pointed to lower chances of early policy tightening, while optimism over a euro zone economic recovery buoyed most sectors. REUTERS/StaffThe pan-European STOXX 600 index rose 0.4% to a new closing high of 452.57, having earlier hit an all-time high of 452.71. Technology stocks rose 1.2% and were the best performers for the day, led by Austrian chipmaker AMS. Global stocks rose after data showed U.S. non-farm payrolls rose less than expected in May, leading many to tone down expectations for hawkish signals from the Federal Reserve. The dovish outlook on lending rates weighed on government bond yields, which in turn saw European bank stocks fall 0.9%.
Persons: , IAG, easyJet, William Ackman’s, Tontine Organizations: Reuters, REUTERS, Staff, Austrian, AMS, Brands, Federal Reserve, Fed, European Central Bank, ECB, BCA Research, Ford, General Motors, British Airways, Wizz, Ryanair, Vivendi, Universal Music Locations: Frankfurt, Germany, U.S, Britain, Portugal, Egypt, Sri Lanka, England, Europe
William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York, May 4, 2015. REUTERS/Brendan McDermidBillionaire investor William Ackman's blank-check firm Pershing Square Tontine Holdings (PSTH.N) (PSTH) confirmed on Friday it was in talks to buy 10% of Universal Music Group, which is being spun-off by France's Vivendi (VIV.PA), for around $4 billion. Vivendi, controlled by French billionaire Vincent Bollore (BOLL.PA), is planning to cash in on its UMG crown jewel, the world's biggest music label with artists such as Taylor Swift, by spinning off the entity to existing shareholders. "Universal Music Group is one of the greatest businesses in the world," said Bill Ackman, CEO of PSTH. Our Standards: The Thomson Reuters Trust Principles.
Persons: William Ackman, Brendan McDermid, William Ackman's, Vincent Bollore, Taylor Swift, Bill Ackman Organizations: Capital Management, Sohn Investment, REUTERS, Tontine Holdings, Universal Music Group, France's Vivendi, Vivendi, PSTH, Thomson Locations: New York
EU set to launch infringement procedure over Italian media law - paper
  + stars: | 2021-06-04 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A Vivendi sign is seen at the company's headquarters in Paris, France, April 8, 2015. REUTERS/Gonzalo FuentesThe European Commission is set to launch an infringement procedure against Italy over a media law potentially curbing Vivendi's (VIV.PA) interests in the country, newspaper la Repubblica reported on Friday. The Commission in December raised questions over the validity of the law approved by Rome in November which allowed national communications regulator AGCOM to start a probe into Vivendi's Italian assets to evaluate whether these holdings are harmful to media plurality. In May, Mediaset and Vivendi, its second largest investor, ended years of legal sparring with an accord under which the French group will drastically cut its stake in the broadcaster. read moreTwo legal sources close to Vivendi told Reuters that the opening of a infringement procedure would have no effect on the long-awaited deal reached between the two companies.
Persons: Gonzalo Fuentes, Vincent Bollore Organizations: Vivendi, REUTERS, Repubblica, Telecom Italia, Mediaset, Reuters, Thomson Locations: Paris, France, Italy, Rome
EU to launch infringement procedure over Italian media law, newspaper says
  + stars: | 2021-06-04 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Gonzalo FuentesThe European Commission is set to launch an infringement procedure against Italy over a media law potentially curbing Vivendi's (VIV.PA) interests in the country, newspaper la Repubblica reported on Friday. The Commission raised questions over the validity of the law, approved by Rome in November, which allowed national communications regulator AGCOM to start an investigation into Vivendi's Italian assets to evaluate whether these holdings are harmful to media plurality. "The Commission considers such rules protecting media pluralism contained in the Italian law of November should have been notified under the transparency directive", a European Commission spokesman said at a weekly briefing on Friday. "I can also say that we are looking into compliance of the adopted law with the relevant union law," the spokesman added. Vivendi had lodged a formal complaint with the European Commission against the Italian law, saying it was aimed at helping Mediaset, controlled by the family of former Italian prime minister Silvio Berlusconi, in a long running legal dispute against the French group.
Persons: Gonzalo Fuentes, Vincent Bollore, Silvio Berlusconi Organizations: Vivendi, REUTERS, Repubblica, Telecom Italia, European Commission, Reuters, Thomson Locations: Paris, France, Italy, Rome, Italian
Unlike a typical SPAC deal, Pershing Square Tontine wouldn’t merge with Universal. In another departure from the typical SPAC structure, Pershing Square Tontine investors won’t vote on the deal, but they will have an opportunity to redeem their shares at about $20 apiece. In a sign of investor disappointment, Pershing Square Tontine shares fell 12% Friday to $22.06, though they are still trading above their $20 July 2020 IPO price. Pershing Square Tontine will remain a public company, but no longer a SPAC. In the case of Mr. Ackman’s SPAC, much of Friday’s slide was caused by the firm’s high valuation, investors said.
Persons: William Ackman, Ackman’s, Tyler Blint, Ackman, Bill Ackman, , Chris Wallace, “ He’s, Ackman wasn’t, Julian Klymochko, , ” Mr, Klymochko, Juliet Chung, Maureen Farrell, Cara Lombardo, cara.lombardo Organizations: Universal Music Group, Journal, Pershing, Tontine Holdings, Universal, Vivendi, News, Mr, Ackman’s Pershing, Capital Management, SPARC, Universal Music, Levin, Investors, Airbnb Inc, Inc, Bloomberg, Technologies Locations: PSTH, SPACs
Ackman SPAC falls flat with Universal denouement
  + stars: | 2021-06-04 | by ( Liam Proud | ) www.reuters.com + 0.00   time to read: +4 min
Billionaire Bill Ackman can expect a similarly flat reception to his blank-cheque firm announcing it is in talks to buy 10% of Universal Music for $4 billion. To be fair, Ackman seems to have secured a fair price for investors in his special purpose acquisition company, Pershing Square Tontine Holdings (PSTH.N), some of whom call themselves Tontards on social media. That leaves 21 euros per share for its 80% Universal stake, implying an equity value for the whole thing of 29 billion euros. - The deal represents an enterprise value of 35 billion euros for Universal. After that, PSTH will distribute Universal shares directly to PSTH shareholders.
Persons: Bill Ackman, Bernstein, Warner Music’s, Drake, Taylor Swift, Universal, Vincent Bolloré, Ackman, Tontards, It’s, Bill Ackman’s Organizations: Democracy, Universal Music, Pershing, Tontine Holdings, Vivendi, Bloomberg, Thomson Reuters, Universal, Amsterdam, Rights Company, SPARC Locations: Amsterdam
Bill Ackman sees Universal Music SPAC deal closing later this month
  + stars: | 2021-06-04 | by ( Yun Li | ) www.cnbc.com sentiment -0.99   time to read: +1 min
Billionaire investor Bill Ackman said he expects to close his SPAC deal to buy 10% of Universal Music Group for around $4 billion later this month. French media company Vivendi, the majority owner of Universal Music controlling 80%, is set to hold its shareholder meeting on that day. The deal would value Universal Music at 35 billion euros (around $42.4 billion). It will not result in a merger and Universal Music will go ahead with a planned listing on Euronext Amsterdam in the third quarter of 2021. Unlike a traditional SPAC where investors commit capital without knowing the target company, Ackman will inform SPARC investors of the potential acquisition before they pledge funds.
Persons: Bill Ackman, CNBC's Scott Wapner, Ackman Organizations: Universal Music Group, Pershing, Tontine Holdings, Vivendi, Universal Music, Universal, Amsterdam, SPARC, NYSE Locations: Ackman's
William 'Bill' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermidBillionaire William Ackman's Pershing Square Tontine Holdings (PSTH.N) is in talks to buy 10% of Universal Music Group for around $4 billion, the latest investor to join the fray as the label's owner Vivendi's cashes in on its prize asset. "Universal Music Group is one of the greatest businesses in the world," said Bill Ackman, CEO of PSTH. SPACs such as Pershing Square Tontine raise money in an initial public offering with the aim of merging with a private company. Nearly a year ago, in July 2020, Pershing Square raised $4 billion in what was the biggest IPO by a blank-check firm.
Persons: William, Bill, Ackman, Brendan McDermid, William Ackman's, Vivendi's, Vincent Bollore, Taylor Swift, Lady Gaga, Bill Ackman, Erik Gordon Organizations: Pershing, Capital Management, Sohn Investment, REUTERS, Tontine Holdings, Universal Music Group, Vivendi, Universal Music, HK, Universal, University of Michigan, Ackman, Bluebell, Thomson Locations: New York City, U.S, Amsterdam, Ackman
William 'Bill' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Instead, Tontine shareholders will receive Universal shares once the music label's stock market flotation is completed. Tontine investors will also receive warrants in a new blank-check company launched by Ackman that will pursue another, yet-to-be-determined deal. Pershing Square said on Friday it would backstop any potential financing gap with its other funds. Investors in the SPAC will get Universal shares when they are listed, but will not be able to exercise their current warrants.
Persons: William, Bill, Ackman, Brendan McDermid William Ackman's, Tontine, Vincent Bollore, Taylor Swift, Lady Gaga, Goldman Sachs, Bernstein Organizations: Pershing, Capital Management, Sohn Investment, REUTERS, Tontine Holdings, Universal Music Group, Vivendi SA, Universal, Holdings, Investors, Rights Company, SPARC, Vivendi, Universal Music, HK, Ackman, Bluebell, Thomson Locations: New York City, U.S, Amsterdam, United States, SPAC, AMSTERDAM, Ackman
Hedge-fund billionaire William Ackman’s special-purpose acquisition company is nearing a transaction with Universal Music Group that would value the world’s largest music business at about $40 billion, people familiar with the matter said. The deal would be the largest SPAC transaction on record, exceeding the roughly $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic. It isn’t guaranteed Universal and the SPAC, Pershing Square Tontine Holdings Ltd. PSTH 0.56% , will reach a deal. Universal had about €7.4 billion in revenue last year, accounting for nearly half of Vivendi’s total. As a result of the Pershing Square transaction, the investment firm and Vivendi would each hold an additional 10%, with Tencent retaining a 20% stake, the people said.
Persons: William Ackman’s, isn’t, Lady Gaga, Taylor Swift, Billie Eilish, Bob Dylan’s, Bill Ackman, blake, SPACs, haven’t, Ackman, — Corrie Driebusch, Maureen Farrell, Cara Lombardo, cara.lombardo, Anne Steele Organizations: Universal Music Group, Grab Holdings, Universal, Pershing, Tontine Holdings, Vivendi, Tencent Holdings, Spotify Technology SA, Capital, Wall Street Journal Digital, Tencent, New York Stock Exchange, Street Journal, Burger King Holdings Inc, Capital Management, Herbalife Nutrition, Inc, Starbucks Corp Locations: Laguna Beach, Calif, Netherlands, French, U.S
Billionaire investor Bill Ackman's blank-check company is closing in on a deal to take Universal Music Group public in what would be the largest special purpose acquisition company deal ever, a source told CNBC's Leslie Picker on Thursday. The potential SPAC merger values Universal Music at roughly $40 billion, according to the source. That would make it the largest SPAC deal ever, Dealogic data shows. The deal would knock Southeast Asia's ride-hailing giant Grab's SPAC merger with Altimeter Growth Corp. out of first place. That deal values Grab at more than $30 billion, according to SPAC Research.
Persons: Bill Ackman's, CNBC's Leslie Picker, , Yun Li Organizations: Universal Music Group, Universal Music, Corp, Research, Pershing, Vivendi, Securities and Exchange Commission, SPAC Research, CNBC Locations: U.S
REUTERS/Brendan McDermidBillionaire investor William Ackman's blank-check firm Pershing Square Tontine Holdings (PSTH.N) is nearing a deal with Universal Music Group that would value the world's biggest music label at nearly $40 billion, two people familiar with the matter said. The sources cautioned that there was no guarantee that Universal and Pershing Square would finalize the deal and the talks can still fall apart. Guggenheim Investments, hedge fund The Baupost Group, and Wells Capital Management are among the biggest investors in Pershing Square Tontine. (https://on.wsj.com/3vPqub3)A spokesman for Pershing Square Tontine declined to comment. Universal Music Group did not immediately respond to a Reuters request for comment.
Persons: William, Bill, Ackman, Brendan McDermid, William Ackman's, Erik Gordon Organizations: Pershing, Capital Management, Sohn Investment, REUTERS, Tontine Holdings, Universal Music Group, Universal, Guggenheim Investments, Wells Capital Management, Universal Music, Vivendi, Tencent Holdings, University of Michigan, Street Journal, Thomson Locations: New York City, U.S
Activist fund asks French watchdog to probe Vivendi's music spin-off
  + stars: | 2021-06-02 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: French media giant Vivendi's logo is pictured in Paris, France, August 12, 2020. REUTERS/Charles PlatiauPARIS (Reuters) - Activist fund Bluebell has asked France’s markets regulator to look into disclosures by media company Vivendi around its Universal Music Group spin-off, arguing the company did not reveal some steps around the transaction to shareholders. The fund, which recently led an activist campaign to oust the boss of French food group Danone, said the distribution-in-kind penalised minority shareholders from a tax perspective. Vivendi’s controlling shareholder Bollore would be one of the big winners of the Universal spinoff, which entails distributing 60% of the label’s capital to shareholders. The music group, which is behind artists like Lady Gaga and has benefited from the growth of streaming revenues, is 80% owned by Vivendi.
Persons: Charles Platiau PARIS, Vincent Bollore, Lady Gaga, Bluebell, Organizations: REUTERS, Bluebell, Vivendi, Universal Music, AMF, Reuters, Universal, Danone, ” Bloomberg Locations: Paris, France
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