Oddo BHF maintains its 'outperform' rating on Vivendi shares, with an unchanged target price of 13 euros.

The analyst provides an update on Groupe Canal+'s (Vivendi) non-binding offer for Multichoice, based on a price/share of RAND 105 (a 40% premium on the previous day's price).

This acquisition would entail a reorganization of assets, with Vivendi consolidating Multichoice's assets, potentially followed by disposals to reduce debt.

The new African entity would have significant sales and continental coverage, opening up opportunities in telecommunications, says the broker.

Governance would then be reorganized, with Vivendi potentially holding more than 50% of the capital.

Nevertheless, 'it is very difficult to calculate synergies, particularly as we have no figures for Canal+ Group Africa (and notably no sales). But these synergies do exist, and would enable us to create a much more solid group in the long term", assures Oddo BHF

In addition, an alliance with Comcast is envisaged, opening up opportunities in Europe and potentially in a future IPO.


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