As forecast [WAMN, 19-Jun-00], the merger between Vivendi, its subsidiary Canal Plus and Seagram of Canada was confirmed late last night. Full details will be unveiled today in Paris where the new combined colossus, branded Vivendi Universal, will be headquartered.

The ink finally dried on the paper last night as the Seagram board formally accepted Vivendi’s offer. The new group will be controlled by Vivendi shareholders with a 59% stake, 12% by Canal Plus, and 29% by Seagram The latter may, however, win up to five representatives on the combined group’s eighteen-strong board of directors.

Vivendi’s Jean-Marie Messier will be chairman; and the deal’s architect, Edgar Bronfman Jnr of Seagram, vice-chairman. Canal Plus chairman Pierre Lescure is expected to become joint managing director with Eric Licoys.

News source: Financial Times