Lagardère reportedly re-engaging banks for Canal Plus IPO

Lagardère may be planning to launch an IPO of its stake in Canal Plus soon, according to a report by Reuters. The news agency, citing unnamed sources, said that Lagardère is re-engaging JP Morgan and BNP Paribas to re-launch the process of floating the 20% stake on the NYSE Euronext Paris stock exchange.

Lagardère abandoned plans to float its stake in Canal Plus in March last year due to unfavourable market conditions, but chief financial officer Dominique D’Hinnin indicated at the end of August that the group was in the process of restarting discussions to divest the stake.

Reuters cited one source close the exchange as saying the float could be completed as soon as the end of this year. however another source close to one of the banks involved said that it was unlikely that a flotation of this magnitude would be completed in that time-frame.