(Bloomberg) -- Vivendi SE said investor CIAM has filed with the Paris Commercial Court to postpone its shareholder meeting scheduled for next month and delay its plan to break up the company.

Vivendi shareholders are due to vote Dec. 9 on whether to separately list its pay-TV arm Canal+, advertising agency Havas and publisher Louis Hachette Group. A hearing on CIAM’s request for an injunction is scheduled for Dec. 4, Vivendi said Thursday in a statement.

The project to split up the company is being led by billionaire Vincent Bollore, Vivendi’s largest shareholder through Bollore SE with a 29% stake. Vivendi says the spinoff plan will create value for investors by reducing the conglomerate discount that has weighed on its valuation for years, while allowing the separate businesses to develop faster.

The small investor, which holds 0.025% of the company, is seeking postponement until rulings are issued on two other actions it has initiated, Vivendi said. One, before the same court, challenges the validity of the proposed split. The other, before the Paris Court of Appeal, seeks to overturn a Nov. 13 decision by the stock market regulator that Bollore doesn’t have to make a buyout offer for Vivendi in connection with the spinoff.

--With assistance from Benoit Berthelot.

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