Vivendi SE (ENXTPA:VIV) is in talks to offload a stake worth $4 Billion (£2.8 billion) to Mr. Ackman's Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) . The potential deal values Universal Music Group, Inc., the record label behind stars such as Taylor Swift, Lady Gaga and Elton John, at about €35 billion-up from a previous €33 billion. Mr. Ackman is among a wave of financiers who have launched "Spacs"-special purpose acquisition companies that attracts investment as a listed cash shell before searching for takeover targets.

"Universal Music Group is one of the greatest businesses in the world," he said in a joint statement. In June 2021, Vivendi said it could sell some of its stake to a "strategic partner" ahead of distributing Universal's shares. Its plans to keep at least 10pc of Universal Music for the foreseeable future.