Rachel Reeves yesterday hailed the upcoming listing of French television and film on the London Stock Exchange as a ‘vote of confidence’ in the UK.
Ahead of the LSE’s debut of Canal+ shares on Monday, the chancellor met the firm’s Paris-based chief executive Maxime Saada and chief financial officer Amandine Ferre at Number 11 Downing Street , to discuss the attractiveness of the UK as a place for foreign companies to list and operate. business.
Reeves said: ‘Economic growth is my number one priority and attracting more money to the UK is my number one priority.
‘Canal+’s decision is a vote of confidence in the UK capital markets, the stability we offer and our plan for change.’ As well as increasing the UK’s position as a global financial centre, he said the arrival of Canal+ would boost the creative sector by £125 billion.
Vote bold: Canal+, which produces films including Love Actually, has expanded into new markets
Canal+, which has produced films including Love Actually, has expanded into new markets particularly in Africa. It is listed in London as part of a spin-off from Vivendi, the media group run by billionaire Vincent Bollore.
But since it is separate from the initial public offering, it does not raise new funds from shareholders. And the trade will be very strong to begin with because the funds that follow the Cac 40 of France, where Vivendi is listed, automatically issue shares, while others are subject to a separate tax French is heavy to buy.
This means the company may be trading below the £6bn valuation it has been pegged at. However, the listing will boost the LSE, after a number of companies were found to have defaulted on rival exchanges.
This week, equipment rental company Ashtead became the latest to shun London to announce plans to move its first listing to New York.
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