Providing an update on the feasibility study for the demerger project announced on December 13, Vivendi reports that its Management Board has proposed to the Supervisory Board - and the Board has accepted - that the demerger be structured around four entities.

These would be Canal+, Havas, a company combining publishing and distribution assets (interests in Lagardère and Prisma Media) and an investment company (financial interests in culture, media and entertainment).

This project will have to demonstrate its added value for all stakeholders, and include an analysis of the tax consequences of the various operations envisaged", says Vivendi, which plans a further review of the project on March 7.

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