The Chancellor says the listing on Canal+ is a vote of confidence in Great Britain
Rachel Reeves yesterday hailed the upcoming listing of a French TV and film giant on the London Stock Exchange as a ‘vote of confidence’ in Britain.
Ahead of the LSE debut of Canal+ shares on Monday, the Chancellor met Maxime Saada, CEO of the Paris-based company, and chief financial officer Amandine Ferre at 11 Downing Street, to discuss Britain’s attractiveness as a destination for foreign companies to go to the stock exchange. company.
Reeves said: “Economic growth is my key mission and attracting more investment to Britain is vital.
‘Canal+’s decision is a vote of confidence in the UK capital markets, the stability we provide and our plan for change.’ As well as boosting Britain’s position as a global financial centre, she said the arrival of Canal+ would give the creative sector a £125 billion boost.
Voice of confidence: Canal+, which made films including Love Actually, is expanding into new markets
Canal+, which made films including Love Actually, is expanding into new markets, especially in Africa. It is listed in London as part of the breakup of owner Vivendi, the media conglomerate controlled by billionaire Vincent Bollore.
But it is a demerger rather than an IPO and will not generate new cash for shareholders. And the trade is likely to prove tricky at first as funds following France’s Cac 40, where Vivendi is listed, automatically dump the shares, while others subject to a French split tax are also considering a sale.
It could mean the company is trading slightly below the £6 billion valuation previously placed on it. Nevertheless, the listing will give the LSE a welcome boost after dozens of companies switched to rival stock exchanges.
This week, equipment rental company Ashtead became the latest to shun London, announcing plans to move its primary listing to New York.
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