PARIS, France (CelebrityAccess) — Shareholders of Universal Music’s parent company Vivendi have signed off a on the company’s long-expected plan to list UMG in a public offering on the on the Euronext stock exchange in Amsterdam.
The decision to support the plan received widespread support and follows last month’s news of Chinese e-commerce giant Tencent expanding its stake in UMG from 10 to 20%. As part of the announcement of Tencent’s increased investment, Vivendi said it plans to distribute 60% of UMG’s share capital to the company’s investors, pending their approval.
“Vivendi’s Extraordinary General Shareholders’ Meeting held today in Paris under the chairmanship of Yannick Bolloré, with a record quorum of 73.33% of shareholders, approved by 99.98% the two resolutions submitted for vote. The amendment to the by-laws adopted allows Vivendi to now distribute dividends, interim dividends, reserves, or premiums by way of the delivery of assets in kind, including financial securities,” the company said in a press release.
The IPO is now expected to take place later this year.