Shareholders in Universal Music owner Vivendi have approved the plan that will result in the music major being listed on the Euronext stock exchange in Amsterdam.
Vivendi announced more details about its plan to IPO the Universal Music Group last month, after Chinese web giant Tencent completed its deal to increase its stake in the music company from 10% to 20%. At the time Vivendi said that, the completion of that deal, and the accompanying valuation of UMG, "have now enabled the management board to consider a distribution of 60% of UMG's share capital to Vivendi shareholders".
That would be achieved via the IPO. "The listing of the shares of UMG, a holding company currently being incorporated in the Netherlands, would be applied for on the regulated market of Euronext NV in Amsterdam", the Vivendi board then added.
But, it also confirmed at the time, that plan needed shareholder approval. An Extraordinary General Shareholders' Meeting was held in Paris yesterday.
"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 company stated yesterday. "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".
Sounds like fun. "This favourable vote enables the management board to continue to study the planned distribution of 60% of UMG's shares to Vivendi's shareholders", it went on, while Vivendi CEO Arnaud de Puyfontaine added: "The unanimous vote in favour of the two resolutions demonstrates the total support of our shareholders for our strategy".
The IPO is now expected to take place later this year.