Canal+ Shares Fall in London Debut

Canal+ had a troubled debut on the London Stock Exchange, with shares falling over 16% from an initial price of 290p to a low of 241p, valuing the company at just under £2.5bn. The company, spun off from Vivendi as part of a restructuring process, aims to unlock value from its various divisions, including its successful subscription services and film production arm, Studiocanal. Despite analysts predicting a potential rise in valuation as the market stabilizes, Canal+ now holds a lower valuation than UK rival ITV, despite generating higher annual revenues. The sell-off was partly attributed to investors restricted to French stocks needing to divest, and broader economic uncertainties impacting market sentiment. Concurrently, Vivendi's shares surged over 33% following the spin-off, indicating investor confidence in the restructuring. The government is reforming listing rules to enhance the UK’s investment appeal amidst a trend of companies delisting from the London market.