By Najat Kantouar
Canal+'s shares fell on the London Stock Exchange and Havas's stock rose on Euronext Amsterdam, as they started trading as standalone companies following their spinoffs from French media group Vivendi.
Shares in French television and movie-studio company Canal+ started trading at 290 pence on Monday, according to FactSet. This gave the company a market capitalization of 2.88 billion pounds ($3.63 billion). However, Canal+ shares fell as the session advanced, trading 14% below the initial level at 251 pence in European morning trade.
Meanwhile, shares in advertising firm Havas began trading at 1.8 euros, putting the company's value at about 1.79 billion euros. Shares then rose more than 6% from that level.
Canal+ and Havas's trading debuts followed Vivendi's four-way split. Shares in Louis Hachette Group, which houses the former group's publishing assets, surged 25% from the opening level on Monday.
Shares in Vivendi, which retained some investments after the breakup, were sharply lower compared with Friday's close, but up 33% when compared with an adjusted closing level taking the split into account.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
December 16, 2024 04:56 ET (09:56 GMT)
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