By Emmanuel Legrand
With a quorum of 68.99% of shareholders, over 99.9% of Vivendi shareholders present at the company's Annual General Shareholders’ Meeting have approved the plan from the French media and entertainment firm to spin off its affiliate Universal Music Group, the world's largest music company.
Vivendi plans to distribute 60% of UMG's shares to Vivendi shareholders when the company is listed on the Amsterdam Exchange at the end of September 2021.
A consortium led by Tencent already owns 20% of UMG whileWilliam Ackman's Pershing Square Tontine Holdings (PSTH) has entered a deal with Vivendi to acquire 10% of UMG.
"The shareholders overwhelmingly approved the distribution of 60% of Universal Music Group (UMG) shares with a record level of 99.9% positive votes, demonstrating their full support for the recommended strategic approach and the options chosen by the Management Board to implement this transaction," said Vivendi in a statement.
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