Vivendi confirmed yesterday that the Dutch Authority For The Financial Markets - or Stichting Autoriteit Financiële Markten, if you prefer - has approved the prospectus for the upcoming listing of the Universal Music Group on the Euronext Amsterdam stock exchange.
As expected, as UMG lists 60% of the shares in the music major will be distributed to Vivendi's current shareholders. Vivendi will keep 10% of UMG for itself, with 20% controlled by a Tencent-led consortium and the final 10% owned by entities linked to Bill Ackman's Pershing Square Holdings.
The management board of Vivendi also approved the necessary measures to allow the distribution of the UMG shares to its shareholders yesterday.
The music company will officially arrive on the Dutch stock exchange on 21 Sep, with the "technical reference price of UMG shares" expected to be confirmed the previous day. The distribution of UMG shares to Vivendi shareholders will then take place by 23 Sep.