Billions From Universal Music Stake Likely To Fund New Round Of Vivendi Agency Deals

As Havas parent Vivendi puts a piece of its treasured Universal Music unit on the block, analysts are already speculating the cash could be used to fuel M&As to bolster its position in the advertising marketplace.

“Share buybacks and returns are an obvious option, but we think the more likely route is significant M&A,” Liberum analysts Ian Whittaker and Harry Read write in a note sent to investors this morning.

“Likely areas of focus for M&A would be agencies, where we think Publicis would be a potential target to fold onto Vivendi’s Havas unit,” they added.

In 2017, Paris-based Vivendi completed an acquisition of Havas, and Havas chief Yannick Bolloré was named head of the combined company.

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