Vivendi exploring London listing for Canal+, Bloomberg says

(Reuters) - Vivendi is exploring a spin-off and potential London listing for its Canal+ TV unit, Bloomberg reported on Thursday, sending the French media conglomerate's shares sharply higher in late afternoon trading.

Vivendi is working with advisers, including BNP Paribas, and a listing could take place as soon as the end of this year, the report said, citing people familiar with the matter. Bloomberg added the Amsterdam bourse could also be an option but no final decision on timing or place had been made.

Contacted by Reuters, Vivendi declined to comment on the report, while Canal+ was not immediately available for comment.

Vivendi shares rose as much as 6.4% following the report to hit their highest level since June 16, 2022, and closed up 5.5% at 10.89 euros.

The report comes as Vivendi, which is controlled by French billionaire Vincent Bollore, works on a plan announced last year to spin off several units. The plan is aimed at closing the discount in the group's market value to analysts' estimate of the combined value of its businesses.

Each of the units - Canal+, advertising arm Havas, and an investment company through which it owns publisher and retailer Lagardere - would be listed on the stock market.

In April, Vivendi said a feasibility study for its planned split into four separate businesses was progressing.

Separately on Thursday, Britain's markets watchdog set out final rules aimed at attracting a wider range of listings by reducing red tape, and placing the onus on companies to decide what information they should disclose to potential investors.

(Reporting by Piotr Lipinski, additional reporting by Mathias de Rozario; Editing by Elaine Hardcastle and Mark Potter)