(AOF) – After Canal + yesterday, Havas is holding its investor day in London this Tuesday as part of the Vivendi spin-off project. And like yesterday, the conglomerate owned by Vincent Bolloré is part of the biggest declines in the CAC 40 index: -2.60% to 8.71 euros. Havas should see its listing and head office transferred to the Amsterdam Stock Exchange on December 16, subject to approval by Vivendi's general meeting scheduled for December 9. For Havas, Vivendi expects an EBIT margin of between 14% and 15% in 2028 at the latest.
As of December 31, 2025, the annual adjusted EBIT margin is expected to be between 12.5% and 13.5%.
The organic evolution of the advertising group's net income should be between -1.0% and 0% for the 2024 financial year and the adjusted Ebit for the year should exceed 330 million euros.
“With its planned listing on Euronext Amsterdam, Havas expects greater strategic flexibility to develop its presence in high-potential sectors and strengthen its leading position in the global communications sector,” Vivendi said in a statement. a press release.
A split project that divides
The demerger project provides in particular for the listing of Canal+ on the London Stock Exchange (with maintaining the head office in Paris), the listing and transfer of the head office of Havas to Amsterdam and the listing of Louis Hachette Group on the Euronext Growth market. in Paris.
But the divisions are being heard before the AGM expected on December 9 which will ratify or not the split project.
The activist management company Phistrust recommended voting against all the resolutions proposed at the AGM, considering that this operation “does not respect fairness between shareholders”.
Concerning Havas, the split should lead to the creation of the Dutch company Havas NV, which will own Havas SAS, a foundation of which will prevent any hostile takeover. “This arrangement allows the Bolloré group to control Havas while making any public offer for the capital ineffective,” underlines Phitrust.
For its part, CIAM, invested since 2018 in Vivendi and currently holding less than 1% of the capital, believes that the operation will allow the Bolloré group “to empty Vivendi of its essential assets while strengthening its control over Canal+, Havas and Louis Hachette group , without having to launch a public offer for each asset.
After the split, the Bolloré group would hold, in addition to its unchanged stake in the capital of Vivendi, 31.04% of the three new listed companies, underlines Phitrust in a press release.
