By Mathieu Rosemain and Gwnalle Barzic
The spin-off plan and Vivendi’s governance had drawn criticisms from several activist funds before the company’s annual general meeting.
Bollore, Vivendi’s controlling shareholder with a 27% stake, would be one of the first beneficiaries of the transaction after listing the music division, which is home to artists such as Lady Gaga and Taylor Swift.
Two major investors have already invested in the world’s biggest music label.
William Ackman’s Pershing Square Tontine Holdings, a special purpose acquisition vehicle, has signed a deal to buy 10% of the music business.
Prior to this transaction, a consortium led by Chinese giant Tencent bought a 20% chunk in Universal.
($1 = 0.8409 euros)
(Reporting by Mathieu Rosemain and Gwenaelle Barzic; Additional reporting by Matthieu Protard; Editing by Sudip Kar-Gupta and Edmund Blair)